Bloomberg Livestream - 2022-08-15 00:00:00

The power pivot. This is the payroll pushback. Hey 2023 CARDINAL wrong. That is a great question. It's a great question. Hey Great question. Television. Welcome to Deborah Australia PERSON Hey Major market opens Korea GPE way on holidays but we're watching China GPE very closely of course we get key economic data highly as we Liquidity Take activity indicators very very closely later on today DATE let's get you look at Could open bell. Yeah guys we also had that week DATE of financing data as well from China GPE so another headwind facing investors across the region particularly in China GPE of course we're just a few seconds TIME From the open of Japan GPE and Australia GPE . Career is close today DATE for a public holiday treasuries they'll be the other focus at Conflicted here by those mixed messages that we're getting from US GPE economic data is the is the peak of inflation over can the Less aggressive or more aggressive. We're seeing bit of mixed moves there as well. We know that moving yields is also weighing in on the yen here Recap those numbers with the Japan GPE GDP figures in just That is the headline here today DATE for us and we're seeing Japanese NORP stocks. Just moving a little bit higher at the upside here. Turning now to the open for Australia GPE as I said Korea GPE is closed today DATE so we're seeing ASX 200 PRODUCT . Coming online unchanged right now of course In Australia GPE we've got blue scope beach energy they're just some of the big names today DATE we're just getting an eye as well what we're seeing the years DATE as well for the Aussie and then that the Aussie GPE dollar meanwhile just above that ¢71 level it is of course being closely watched it could move as we do see the reaction Activity day to coming through as well as I said that financing numbers as well sharing of course we are looking at those Japanese NORP economic numbers with the preliminary reception quarter CARDINAL GDP number expanding but still falling short of economist expectations we're talking about growth of two CARDINAL . Two% on an annualized basis when he expectation Of two CARDINAL . Six% growth let's bring in chief Adria ORG economics correspondent and the current and so yes we are talking about growth but still missing expectations what do you make of these numbers I think it kinda reinforces the doveish outlook that say the bank of Japan GPE takes forward Japan GPE 's economy Sherry PERSON we look through the numbers it does look like the consumption side of things still a little bit softer than expected there seems to have been an a drive from inventory as well and of Preaching for a long time that they're not seeing any kind of animal spirits in the Japanese NORP economy they point to ongoing in a week DATE wage growth and of course they say that inflation is is so much transitary due to the fact that it's multi energy Increasing restrictions around travel to Japan GPE that probably would give consumption a booth so Say the overall number is a soft GDP number for Japan GPE and does speak to Theresa May to be a J for example has been fairly underdog a child unlike it's global peers And we've got the domestic activity indicators out of China GPE later on as well but really the aggregate lending numbers were pretty ugly. There's lots Zones that we are seeing all of the signs of a cloud

Activity indicators out of China GPE later on as well but the really the aggregate lending numbers were pretty ugly there's lots Zones that we are seeing all of the signs of a classic liquidity trap. Well there are concerns in China GPE at the moment that a lot of what's happening eh or at least a lot of the tonic and the economy needs isn't more liquidity isn't more money the appetite for boring isn't there because of what's Me on the ground and that's because of the big structural shift in the real estate market given the crackdown that the government has pushed through over the last few years DATE and of course now you have your underground ongoing destruction linked to the COVID restrictions or seeing the latest coming out of Hinan it just speaks to the idea that consumers aren't really willing to eh you know borrow and spend as they should and that's been Fact that the corporate level as well. So we will have some money mark operations. The application is at the central bank. Meet eh take some money out of out of the financial system. It's certainly won't be a tipping extra money into it. That's not expected and answer as I That's because the problem in China GPE 's economy isn't a shortage of liquidity in the in the money markets. It's a fact that those parts are really economy. It does need money. Aren't getting the funds that they need and that's the that's the chess center that the government's Crack ORG at the moment. Continue rising earnings set to slow the sharp rally across market under performers Run out of steam. Manager joins us great to have you always how difficult is it navigating the ambiguity not just of markets but where the macro Me WORK_OF_ART is really headed. It's incredibly difficult at this point because not many of us have ever seen high inflation rampant inflation and then this sharp increase in interest rate expectation. At the same time the economy versus the economy is still recovering from the Pandemic and the lockdown and things so there yeah there's a lot of moving parts at this point and and then the share mark is trying to deal with it as share market always look forward to a month What are your favorite trades right now then Yeah look I think what's interesting is that if we look at where the share price share marker is the Australian NORP markets that forward 18 CARDINAL times earnings which is pretty much on you know on average in terms of the earn Multiple. And so the market is you know reasonably priced and then you know over the next 12 month DATE which just talks about all these uncertainties but what we do know is that corporate earnings growth will slow and then we know the interest rate will go up and we don't know how far but it will go up All that combined it does mean that you know overall index level we only have marginal gains in the next 12 months DATE . What was really interesting hearing the US GPE June Bay is that we are now seeing already the busiest month DATE in a few months DATE already when it comes to M and A's $ 13 MONEY . 4 billion CARDINAL of tech Companies having a hard time really finding growth could we see more of this across the world as well. That's a really good question because as you mentioned that we're corporates are sitting on very strong balance sheets so as the gross slowdown that's a natural area to allocate and aside from the corporates and we do have the you know the private equities and other Alissa PERSON vehicles that are sitting on a lot of cash and waiting to be deployed if anything on the Australian NORP market which is so another MNA ORG bids for small tech company and then in the last few months DATE we've seen quite a lot Of the share market in the next few months DATE just as the market sort of still revaluing some of those sectors that's been sold off a bit to aggressive in the last in the last 6 months DATE . In June DATE , I mean, I keep hearing the bear Rallies look very similar to the start of new bull market rally so how do you differentiate where we are in in the process and what are some of the signs that you're watching out for? Look honestly I don't believe this is a bear market rally we do think the market on the overall index level looks Valued ORG . However, even though we're talking about the corporate growth slowing and the like and they are still growing. And some of the growth if we look at the Australia GPE for example. Some of the We've got you know and then we've got the the the the inflation potentially pick So, all of that is a positive note. So, for me, is that I think the share market would do okay? It's just the return expectations.

And then we've got the the the the inflation potentially picking up. So, all of that is a positive note. So, for me, is that I think the share market would do okay? It's just Turn expectations perhaps somewhere in the low single digit to meet single to a missing Instead of the you know sort of sort of it's about to crater and we just talked about the M and A all of these were underpin the support for the share market How do you play these interest rate differentials across the world? Look at the interest rate they've differential will will continue to narrow over time because Australia GPE perhaps is just on the slower path compared to the US GPE and we do have to tighten quite quite quickly I To really suppress some of the inflation that's coming through whereas US GPE perhaps the expectations there but net net I think you know all of us will see interest rate increase and then Over the next few readings are will start to top out but we have to wait to see when you take a look at structural growth Use which stocks are you like? I know that you're still pretty bullish on healthcare. Hm. I'll absolutely. I think when we talk about all these uncertain Out there for the share market and for a share market that's sort of more neutral valued healthcare is stand out place because their growth is not and the pins by you know economic activity and the like and they have their structural gross levers and it's a fantastic as part of the And if anything a lot of them have been sold off during that whole growth sell off period. So they provide very good underpinning. At the same time are some of the other sort of tech leaders. It's time to look at them as well. Because they you know they do provide that structural growth because you know if we look forward next 5 years DATE the girls will be slow And so you do want those companies to grow your portfolio. Sickly causing looking a little bit tough but we do think China GPE perhaps at some point when it comes out of lockdown. It will it will the stimulus will eventually to to feel some of the commodity areas as well. Paul's question of the week DATE is recession To rain inflation. Look I don't think that nurses recession is necessary to do so simply because some of the commodity areas and For the supply chain is already coming through. We just need a period of absorbing. And also allowing some of those mechanism to work through work is way through. And you know in a way it's perhaps a good that China GPE is slowing coming back into its full capacity for its economy so that Are supply chain pressure is not going not as bad as it could be. So yeah and that and that we think it's potentially we could maneuver that but we do have to wait and see what the inflation readings will be Rebecca portfolio manager June See you again back in our Sydney GPE studio there with Heidi PERSON . For a check of the big movers this morning TIME bell. Oh yeah Sherry very much focused on Australia GPE today DATE as well actually here as well because we do have those big earnings coming out from some of the Aussie NORP companies so blue scope still is one CARDINAL of them kick Here it is just jumping a little bit higher at the start of trade here they're 4 year DATE underlying profit it did beat Economic headwinds facing many companies around the world with the board also approving an extension of it share buyback program so more than half CARDINAL a one 1 billion dollars MONEY of shares can Over the next 12 months DATE in terms of the other movies to the outside JP high five CARDINAL Estimates in terms of the decliner so we are still seeing moves the downside Invasion of Ukraine FAC and meanwhile Bendigo and Adelaide Bank ORG also moving to the down side hiding Yeah let's get there with the first one headlines money. Ladies thank you. To exit from US GPE exchanges five CARDINAL of China GPE 's largest state owned firms announced their intention to do this on

Sign up back in China GPE life insurance are among a group of Chinese NORP giants set to exit from US GPE exchanges five CARDINAL of China GPE 's largest state owned firms announced their intention to do list on Friday DATE that says the start over audits continues about 200 CARDINAL Chinese NORP firms are facing possible de listing in the US GPE as soon as Access PRODUCT to American NORP auditors. Chinese NORP officials have signaled a thousands CARDINAL of tourists trapped in hotels on High Naan could soon return home. Frustration over COVID lockdowns on the resort island sparked protests over the weekend DATE . Authorities say commercial flights for domestic passengers out of Hotels ORG within the last 7 days DATE . The chair of the US House Intelligence Committee ORG Adam Schiff PERSON says he hasn't seen any evidence that materials the FBI ORG seized from Donald Trump's PERSON home were properly declassified Trump ORG said Friday DATE that everything taken was decarcified or covered by execut And attorney client privilege. Us capital ORG police Saman PERSON crashes car into a barricade and fired a gun into the air several times before fatally shooting himself. The 29 year old DATE man may have said fire to his own car and was being approached by officers when he shot himself. It's still not clear why he chose to drive to the capital area according to the police it doesn't appear the man was targeting any members of congress ORG . Water levels are the key way point on the Ryan River LOC are expected to steady at an extremely low level this week DATE . He has a climate crisis adds to your energy crunch When the water level is about 40 cm QUANTITY or below and it's currently at about 35 cm QUANTITY the rain is western Europe LOC 's most important river for transporting fuel and other goods Global news 24 hours TIME a day on air and all boomber quick take power by more than 2700 CARDINAL journalists an hour TIME and more than 120 CARDINAL countries I'm finally Quinn PERSON this is Bloomberg Heidi PERSON . Joining us to discuss China GPE 's economy. Policy outlook ahead of a raft of connectivity dated you later Visiting Taiwan GPE risking more anger from Beijing GPE . We get more on what this means for US GPE , China GPE , Next ORG . While Tesla ORG 's in the like make for good headlines the reality is that even if every car on the roads today DATE when electric it wouldn't be enough to curb global emissions to avoid catastrophic climate change. Greenhouse gas emissions from transportation account for about 29% PERCENT of total US GPE greenhouse gas emissions. So what about the other 71% PERCENT ? Instead of burning oil and gas to give us the energy and electricity we need we wanna do 100% PERCENT clean energy Vehicle is all electric with no fossil fuels. We wanna do that with our buildings and if we can do it in one CARDINAL building, we can do it in all buildings and if we do it in all

Terminal speed. Hey portal Gradually improving activity. However, the recovery continues to be tested by fresh COVID outbreaks and ongoing property sector pain for preview. Let's bring in our retrieve Correspondence In Hong Kong GPE see what are we expecting in these numbers? Yeah, a lot of numbers are coming out later this morning TIME . And again, we were likely to see that momentum of the recovery continued at least the headline numbers will show that factory output did gain a little bit of speed after of course what was pent up demand in June DATE following of course the relaxation of the lockdowns in Shanghai Elsewhere ORG but there are of course lots of pressures in the market right now in the Chinese NORP economy with fresh outbreaks in high non with COVID as well as the ongoing property sector. So, we really have to dig deeper The data that we're getting today and I believe me we are getting a complete deluge of July DATE data from factory output to retail sales to fix that urban investment to jobless rate to properties existing property sales So much is coming for market participants to look at let's start with industrial production factory output did have a bit of a recovery following that law of course with the Shanghai GPE lockdown and there was a lot of pent up demand as well Of course for exporters to get their products out and we had a buzz a boost I should say from export demand but we're already talking to some export managers I add a number of different manufacturers and we're seeing perhaps you know export Survey by Bloomberg PERSON recently indicates that factory orders are shrinking and that is an ominous sign for global demand. In fact, just we get really granular and here at Bloom Sometimes but it gives a good indication of right now orders for items such as buttons zippers a sewing thread down about 30% PERCENT in July DATE and August DATE a lot of people who are buying from abroad were buying heavily bulk buying in 2021 DATE to kind of get ahead of these supply chain constraints and the Delays. So now, they're starting to work off some of those inventories and that pent up demand that we saw boost in factory output in June DATE and we're gonna see it a little bit in July DATE but going forward, there could be some pain coming down the road. Retail sales is also out A key indicator of course of domestic demand so if they're not gonna be selling as much overseas if that weakness and exports will they be able to sell it domestically well retail sales might have some troubling signs as well the number might be alright about five CARDINAL Doesn't contribute a lot but oh. Five% to GDP as well as retail sales on a national wide basis but also could indicate some weakness or risk a version to travel right now and that would hurt services And overall spending in China GPE . So so much we're looking for coming down the pike this morning TIME . Look. Looking for the MLF ORG as well. What are we expecting? Yeah, when you look at the MLF ORG , you have to also look at the bank loans, right? So, the banks right now are flushed with liquidity. The problem is they're not necessarily seeing a lot of loan demand because of the property sector was and just the All confidence in the trajectory of the Chinese NORP economy. So,

They're not necessarily seeing a lot of loan demand because of the property sector was and just the overall confidence in the trajectory of the Chinese NORP economy. So, new loans as well as aggregate financing really dropped off in numbers we got Friday DATE while M two CARDINAL the broadest measure of money supply was considerably higher so banks have lots of money so what we're expecting with the MLF ORG later today DATE at 920 CARDINAL Beijing GPE time we're expecting eight CARDINAL of 12 CARDINAL economist expecting the PBOC to withdraw Cash from the system through the MLF ORG for the first ORDINAL time this year DATE . So, we have about what 600 1 billion Yuan MONEY maturing this month DATE in MLF ORG . We're the median estimate is for MLF ORG of 400 1 billion MONEY you on injection and they expect the rate to be the kept unchanged at 285% PERCENT . Essentially with that loan data that we got and I wanna give you before I wrap up here Bloomberg Intelligence take on this the surprising sharp retreat in China GPE 's credit July DATE should put policy makers on alert even taking into account usual July DATE law of the We're extremely weak. So, lots to watch at 920 CARDINAL . We get the MLF ORG and the PBOC at 10 CARDINAL . We get that data dump. There for market watches 225 CARDINAL in Japan GPE on track to raises year DATE to date loss of course it's been a pretty challenging year for development market But we have had a currency effect really helping Japanese NORP equities that we can also continue stimulus by a very resolute bank of Japan GPE both the topics and the have outperformed their peers and in fact they closed within one CARDINAL percentage point of positive territory Of last Friday DATE which was by the way of fourth ORDINAL straight wicked games for Asian NORP markets and US GPE markets as well but we continue to watch those games continuing to the Monday DATE session despite that second quarter DATE GDP being softer than expected What US GPE congressional delegation are led by senator Ed Markey PERSON is on a 2 day DATE visit to Taiwan GPE . Is this in 2 weeks DATE after a tour of the island by US GPE House ORG Speaker Nancy Pelosi PERSON let's bring both type of bureauships Alice ORG for more. Really the reverberations from the Pelosi visit. It does and the reason we're talking about this is of course because as you mentioned it just 10 days ago DATE US GPE House ORG Speaker Nancy Pelosi PERSON made a visit to Taiwan GPE that triggered a whole range of angry reactions from Beijing GPE some economic Against Taiwan GPE and Taiwanese NORP companies And days DATE of military maneuvers in the Taiwan GPE straight including the shooting of a missile directly over the the island of of Taiwan GPE but it is important to remember that these types of To happen all the time if you look at the numbers in a typical year DATE more than 10 CARDINAL US GPE lawmakers do visit Taiwan GPE in multiple trips but of course coming just days after Nancy Pelosi PERSON was here you know this is the first ORDINAL visit since then Yeah, this is obviously getting a whole lot more attention. And also more attention on Chinese NORP actions around Taiwan GPE when it comes to sending war planes and warships. This is heightened activity. Spell out the new normal around the island now. That does appear to be the case yo obviously after Nancy Pelosi's PERSON visit to Taiwan GPE we were looking for at the you know long term ramifications for that and one of those does appear to be that China GPE is taking a much Forward stance, you know, they are sending many more aircraft Round Taiwan LOC around Taiwan GPE 's air space across the median line of the Taiwan GPE straight which for decades DATE was this kind of informal barrier between the two CARDINAL sides but over the past 10 days DATE we have seen you know much greater numbers PLA ORG planes, in and around Taiwan GPE , or around Taiwan GPE , we do not in Taiwan GPE . And so that does seem to be, you know, one of the key things, one of the key changes that Beijing GPE has made is to, to signalist displeasure is to really up the numbers there. Something else or a Bloomberg GPE type bureau chief. Find and you can get a round up of the source and you need to know to get your day going and today DATE 's edition of Daybreak WORK_OF_ART , Bloombrook

Something else or a Bloomberg GPE type bureaucracy. And you can get a round up of the stores and you need to know to get your day going and today DATE 's edition of Daybreak Bloomberg PERSON subscribers go to David go on your terminals also available on mobile in the Bloomberg GPE anymore app you can customize your settings so you only get the news on the industry and the assets that you care The Indian NORP city of Jamnagar GPE is a money making machine for Asia LOC 's richest man Mukesh Ambani PERSON . His company reliance has the world's biggest oil refinery complex here in the city. Jamnagar ORG is also where Ambani PERSON is making his newest bet. A 10 1 billion dollars MONEY investment in green energy. His ambition is closely aligned with the Indian NORP government's plan to reach net oh emissions by 2070 DATE . But Barney PERSON is not alone. India GPE 's second ORDINAL richest man galta madani PERSON has committed 20 1 billion dollars MONEY of investment over the next decade DATE . But India GPE 's massive dependencies on fossil fuels have some environmental applicants questioning the realism answerity of those green ambitions and those of its two CARDINAL biggest billionaires. Go to the market that over the past few weeks DATE has made it clear it wants to go higher it got a little spooked by the idea that due a political temperature rising Here's a quick check of the latest business flash headlines Wells Fargo ORG is planning to shrink its vast mortgage empire which once turned out one CARDINAL of every three CARDINAL US GPE home loans sources say the banks leadership may begin that retreat by reviewing ties to Last year DATE the strategy shift follows changes in the executive ranks and years DATE of costly regulatories for me One 1 billion US dollars MONEY beating the average on this Over the next 12 months DATE . Yo Mark Vasella PERSON on This is Bloomberg PERSON . I've always been a person who's just been attracted to hair I like to see and think in theaters.

I've always been a person who's just been attracted to hair. I like to see and think and theorize how I can manifest these visions that I have for braiding and how I can take something that Mac Like it's a line drawing in my mind and apply that to someone's scalp We are the only culture that has here that grows out of our head the way that it does Anyone from the African NORP diaspora is born with this amazingly I want black people to love themselves for how they naturally appear and also to appreciate the cultural practices such as writing that our ancestors have For centuries DATE . Welcome to the world of decentralized finance Bloomberg PERSON crypto Tuesdays DATE . I think that it's hard to put your head around any narrative. Let's just be honest. We've had sort of a shift in are we in some sort of cyclation, fears, moment. People are talking about that all day DATE yesterday DATE . The first ORDINAL word headlines. Japan GPE 's portal GDP was revised to an A US GPE congressional delegation led by Senator Ed Markey PERSON and Angelin Taiwan GPE on Sunday DATE for a 2 day visit According to the American Institute ORG in Taiwan GPE discussions including global supply chains and climate change. The trip risks keeping tensions with China GPE high after house speaker Nancy Pelo PERSON Recent visit to the region Salmon Rashi PERSON is starting to recover 2 days DATE after being stabbed at a lecture in New York GPE The AP ORG is closures his agent saying the author is now on the mend and on the road to recovery rush she said to have been removed from event later Sunday TIME and is able to talk and joke the author of the satanic Multiple times shortly after taking the stage Billionaire PERSON investor Rakesh Equity investing and was among the most influential market voices in the nation joined in Wallace PERSON started buying shares with a loan of $ 10100 MONEY In 1985 DATE and along the way invested in some of India GPE 's most prominent names including its biggest jeweler, Titan GPE , and Airline PERSON startup at Casa Air ORG . Global news 24 hours TIME a day on air and I'll know where it could take power than more than 2700 CARDINAL journalists and more than 120 CARDINAL countries. I'm Vonnie Quinn PERSON . This is Bloomberg PERSON . Heidi PERSON . Alright, let's get you straight to the market. Spell ORG , what are you watching? Thanks Heidi PERSON I was just picking up on that red head we had crossing at the terminal just a few minutes ago TIME essentially Japanese NORP stocks now looking to erase their year to date DATE a loss of so let's just take a look where we're sitting Japanese NORP dogs that's largely been driven by the BOJ ORG sticking with its easy policy settings in that yield gap has been a supportive factor will really leading to yen weakness Which in turn has boosted or help to boost equities particularly the exporting names is also consumer confidence that's starting to pick up in the country some solid economic indicators as well we just had that GDP data out earlier a good earnings season but let's change on now to take a look at the broader market picture as well because we are seeing Japanese NORP stocks as I said trading high today DATE As well and New Zealand GPE in the green career of course close today DATE for a public holiday US GPE futures looking a little bit weaker but globally we have seen stocks now rising to a 3 month DATE high the other factor we're watching though is we get underway for trading

Of them coming out together five CARDINAL as you mentioned and now all eyes are turning to who else am I coming to announce the the listing plans and other than the five CARDINAL SOS ORG You mentioned there are still a few listed in New York GPE such as Chinese Eastern China Eastern Airlines ORG and China Southern Airlines ORG and one CARDINAL in power and all these potentially could also just announce very soon but in terms of share reactions we See much on Friday DATE in New York GPE and people are actually expecting the shares to potentially a bounce a little bit in Hong Kong GPE just because New York GPE trading has Companies and there could also be patriotic buying in China GPE for those Nancy PERSON I would like to see more to come particularly as there are voices within Congress ORG calling to move that deadline to 2023 CARDINAL . Yeah I think what the deal listing plans signal to us to investors is that it is really unlikely that the two CARDINAL nations would reach some kind of significant agreement to buy that deadline so the idea is more than 200 CARDINAL Companies listening US GPE may gradually announce their plans to to do list all eyes will also be on the big tech giants with VIE ORG structures so that would include Aliba And ORG by do. Yeah I think that's just gonna be the sort of overhand for those companies listed in in New York GPE right now. Our Asia LOC 's dogs managing editorian team to the art let's take a look at oil at the moment as we get this ambiguity when it comes to And a man going into what is of course going to be a pretty complicated supply situation in the next few months DATE . We're seeing breakthrough trading off by about a quarter CARDINAL of one% ORG and New York GPE crude also a little bit softer as well. Prospect of increasing Iranian NORP supply. Traded really trying to weigh a mix of bearish and bullish headlines here. That possibility of a rain Bloomberg Sukin PERSON and joins us now for more so Sue what are the the dynamics that we're seeing at play here? It's gonna be choppy trading go We are extending the losses we saw Friday DATE where West Texas LOC didn't mean it was down about two CARDINAL and They're bullish positions on New York GPE tweeted oil to the lowest into years DATE and Nuclear deal. Meanwhile Commodities across the board Should fall further and there's that added benefit for the Biden PERSON administration here in the US GPE . It's a political advantage to have lower gas prices because that has been a key concern of the House ORG . Going forward what we're gonna see with the price direction but the bedding according to a lot of the trading data and options activities that short term we could take another like lower and yet it was only a couple months ago DATE when we had oil above $100 MONEY a barrel so perhaps not surprising why Sally PERSON did so well. Yeah, just Annie. Take a look at a 48 CARDINAL . 4 billion CARDINAL in profit for the second ORDINAL Capacity

The company CEO also expects Saudi Arabia GPE state controlled company things Perhaps in the rear view mirror Hey portal Just saw we're pulling back significantly from those levels. Key number with the latest on the energy spacing of course Chinese NORP demand a key factor when it comes to oil prices the country set to report monthly DATE activity Discuss PERSON the outlook next. Twice as much as possible Can it sustain it's normal at a time when everybody else is facing a very different reality. Let's get the latest now with Bloomberg PERSON 's managing editor for Asia Google Business Brian ORG so Emma PERSON what's the situation when it comes to Sonia GPE and China GPE 's COVID outbreaks more broadly? Yeah well it looks as though hi Nan you know often referred to as China GPE 's Hawaii GPE down there in the south a very popular tourist and holiday maker location is turning into a little bit of a mini Shanghai GPE we've seen cases over a 1000 CARDINAL new cases a day there Hotels ORG across the board and cities there locked down they are trying to sort of ease the situation somewhat we saw protests from people in hotels over the weekend DATE angry that they were being still charged for their room and board and some people also But they are starting to try and move people out. Now, the only For 7 days DATE in their building or hotel and once they get back to wherever they're from they do have to do 3 days DATE health monitoring Emma PERSON we're also seeing pretty high number of cases in Hong Kong GPE a 4 month DATE high recently where we at now Yeah I mean we're over 4000 CARDINAL cases a day in Hong Kong GPE but a very different starts compared to mainland China GPE even though Hong Kong GPE

Very different starts compared to mainland China GPE even though Hong Kong GPE you know is extensively still targeting dynamic oh one of the names that Beijing GPE gives for for what it's doing with COVID right now they're definitely A higher level of comfort with AA low level of cases in this case in Hong Kong GPE and still sort of trying to to seal off the border somewhat with the the new East Quarantine ORG rules Hospitalization rate and of course deaths which hasn't been picking up but not to the Where it's pressuring hospitals quite just yet. Global business ML Brian PERSON with the latest Cases across China GPE let's bring in our next guest who's expecting a solid recovery Joining us is Good to have you with us. So, first ORDINAL of all, just get us started with your expectations of today DATE 's activity numbers out of China GPE . Yeah so today we have the July DATE activity number particular domestic funds we already have the three CARDINAL reports coming giving out last week DATE which was still well pretty soft pretty solid With the key issue to watch out how about the domestic event particularly for English LANGUAGE perspective that we expecting three CARDINAL . Three% GPE still obviously roughly the same range and translating months they were looking at zip on 6 months% or DATE months DATE that's quite solid gross Particular ORG putting in the current global perspective we are concerning about the deceleration in the US GPE and your area so from China GPE perspective on that China GPE is providing a lifting a lift for the global economic growth in the third quarter DATE and a mainly two CARDINAL reasons one is that Trying to stick economy open is still not completed yet so still some momentum is going on and second ORDINAL more importantly that the policy impact announcing the second quarter DATE as many policy impact will continue to carry through in the current quarter DATE . I've got the the question is the house sustainable this moment that yes Third quarter DATE constructive. Continue to see that physical support that monetary support as well as you mentioned in China GPE but there are now some renewed concerns about our potential liquidity trap given that Has slowed so much in the month of July DATE while you have so much excess liquidity is that a concern to you at all? Yes I think if we look at the the credit report last Friday DATE You can see that the Central Bank's ORG liquidity policy has been released in the last several months DATE . However, if you look at the long components and also the disappointing headline number last Friday DATE is still pawning at the major issue is at domestic event living on the west side. I've got that's related to the uncertainty Before they see a clear exist strategy and more certainty environment it's a very difficult time to go out to increase the new investment and for household to increase a consumption so I think this is the the dealer we're facing what has been driving the econ Supported by the special local governments we based on our estimate that the third quarter DATE the fund deployments for from a special local Bond ORG . Two CARDINAL . One CARDINAL A big improvement and the weather area that we see a stronger thing for strong investment grows and to add on that actually we we are construct on third ORDINAL that it doesn't mean in all sectors economy will perform very strong as you were going to see continuous diverging performance across industries those Policy tailing sectors like infrastructure manufacturing new energy cars these actually will perform much more strongly however at the same time we see that the weakness in housing market for example that will continue and probably even widening for a quarter I've been as a result of the excess liquidity world.

Housing market for example that will continue and probably even wider in for a quarter DATE . Have been as a result of the excess liquidity we're also seeing bang barring rates at that cost falling a full one% ORG compared to five CARDINAL So go take a look at this chart which really does show that 7 day DATE average of overnight TIME repo rate falling does this also tell you something about the productivity of landing and debt in China GPE now at this point in economic development do we To see more physical than to be able to make up for what what this is clearly not doing. Yes so if you look at the compare the market rate right 70 CARDINAL report rate weathers policy rate policy hasn't changed since January DATE but the market rate the report rate as a countdown and now it's a significant below the policy rate and so that tells two CARDINAL things one is that the on the Intention ORG side the PBOC does actually provide ample liquidity in the system at the busy the banks actually listen to their the the central bank instruction however that in terms of the the relationship between the credit supply but it's credit demand now the weakness is mainly the credit demand as I said that you if the Was much higher much stronger Strategy Hey sustainable how quickly that the policy support was spew over from this policy To a brother economic activity and I think for that is a big question and we have good reason to be more concerned in the fourth quarter and fourth quarter DATE remember we're facing several challenges one is that the the policy particular the fiscal policy support will fit away very quickly and second ORDINAL is that global environment Pig will become more challenging we're talking about the your area likely entering the session and also USA GPE economy slowly so the global demand that you're supporting Chan Sport PERSON probably also weakened and at that time that she if the housing market continue to be very weak and without additional policy stimulus China GPE 's close likely Lose PERSON momentum very quickly in the fourth quarter DATE Have you achieved channel economist at JP Morgan ORG always great to chat with you and you can of course always tune in to Bloomberg Radio ORG as well here more from the days big news makers and get in depth From the daybreak team. Radio. Com. This is Bloomberg PERSON . This month DATE as the world watches inflation rise employment rebound and fiscal policies react Economic Discuss the economic issues and solutions that keep the world's money moving

That is a great question. Hey Great question. Receiving a 447 1 million dollars MONEY With earlier this week DATE Benefits NORP by 15% PERCENT last quarter DATE the plans come is Assets and stay on the sidelines are mid market volatility. According to a regular's investment firm bolstered it Investment firm managed more than 28 CARDINAL 1 billion dollars as at the start of 2022 DATE . Course not list of which here in Australia GPE but also in China GPE as well and we've seen the impact on the market economy when it comes to COVID-19 COVID oh strategy and maintaining that strategy of the lockdowns and mass testing that's expected to feed through the to the downside for Chinese NORP earning Take a look at this for China GPE we're expecting 12% PERCENT downside when it comes to this earning season in fact for broader Asia LOC stocks across the Poise for the worst results since 2020 DATE . Yeah that's surprising given that of course we have had those downgrades and earnings per share four CARDINAL Asia Pacific LOC members falling 16% PERCENT last quarter DATE from a year earlier DATE the cheapest decline in a quarters DATE and you mentioned Chinese NORP earnings yeah we could see that drop of Percent ORG in the aggregate profit given of course the MSCI China GPE earnings for sure at SMS we have seen as you mentioned the COVID Revenue but still of course coming from a very low base so we're very much watching what's happening with ¢10 this week DATE as well. Enter into this crucial earning season Lee Odo PERSON set to report its quarter Hey Rushing to secure LNG ORG supply for winter DATE worsening a global shortage and driving prices higher Heidi Yeah PERSON energy continuing to be a major theme this week DATE we'll cover up next El Warren ORG capital is The sector so we'll be hearing why but their position Coverage PRODUCT continues. We're looking ahead to the start of trading in Hong Kong GPE , Shanghai GPE , and Shinjin GPE . Open is next. This is Bloomberg PERSON .

The 700th ORDINAL anniversary of Dante Alegary's PERSON death has triggered the work of many institutions and offered a very rich schedule of events Hey and said to crochet we present one CARDINAL of these projects that suffered a difficult start because COVID-19 has stopped the project that was shared by the opera desanticoche by the franciscan community from Florence Municipality GPE and the fun for religious building of the internal minister. Today Feliz Limosani's PERSON project is finally enjoyable In the positive chapel the Marvel ORG 's architecture by Felipa Brunoleschi PERSON . Most important images from the divine comedy created by the French NORP illustrator Gustoph Dore PERSON Through these images we can live the violent emotions of hell The weight of purgatory and the sublime joy of paradise. The digital humanity is also normal cause the digital humanities are a cultural occasion to exploit. Summing up it's about merging humanistic disciplines with new technologies. I find this to be an innovating and modern tool to update culture. Cultural heritage becomes something to hand over to the new generations and not to be put aside so it's about using technology pixels and binary code with a human and humanizing content. Is it possible the industries in an arms race that will Lead to spending itself into an over I mean that has happened before. We we've looked at this very carefully and yo, the digitalization of everything. Tell me what aspect of your life, Emily? Is it becoming more digital? Well, I'm trying to prevent that but yes. I think it's happening. And COVID ORG has accelerated that. The industry cost 500 1 billion dollars MONEY last year DATE . Industry overall Estimator are one 1 trillion dollars MONEY , a doubling by the end of the decade DATE . At that point, I believe those estimates. It's not that there's not gonna be some blitz and turns on the way, and the majority of that is driven by Technology can satisfy that needle. It's a really reminder isn't it just how sensitive the markets are to any commentary about trade we did see some pressure on the UN ORG we did see some pressure on the future that is now being reversed It's 9 AM TIME here in the city up in Beijing GPE and also in Shanghai GPE welcome to Bloomberg Markets ORG trying to open I'm David and Glass PERSON with Yvonne Man PERSON . Our top stories this morning TIME echoes across most of Asia LOC game but Chinese NORP stocks look set to struggle after that week July DATE credit numbers that we got investors also waiting just a few minutes TIME on chance econ Activity as well as liquidity operations by the PBOC.

July DATE credit numbers that we got investors also waiting just a few minutes TIME on chance economic activity as well as liquidity operations by the PBOC and a US GPE congressional delegations visited Taiwan GPE right after house figure Nancy Pelosi PERSON could further anger Beijing GPE . Alright, happy Monday DATE to you. We have a Tap here today DATE Desi GPE mentioned that data dump happening in a top of the hour TIME the next hour TIME we have MLF ORG in 20 minutes TIME and that July DATE credit data collapsing really not really boating well so far this Monday DATE morning TIME . Yeah they're on top of all of that new home prices are also coming out right so there's lots to get through and and certainly while you they just one bit the other set's gonna come out not to mention of course also some key data coming out out of the region today DATE in Japan GPE GDP and just looking ahead to the week fed minutes you have two CARDINAL central back decisions in the region markets looking like this as we approach the first ORDINAL sessions of the Struggle if you will I mean we're coming off what two decent days on shore volumes have been picking up on the mail and in fact I think we are approaching that 50 day DATE moving average Under Shanghai GPE composite. Thank you so much for that. There we go bottom of your screens. Market's looking like this across the region, Worth noting the nickname not the topics basically flat now year to date with these games were seen today DATE we're looking at some great hikes out of New Zealand GPE in the Philippines GPE this week DATE we mentioned that FX ORG and Bonds ORG doing this I think we're looking at your twos and then your tens you do the math and you get a sense of really how deep that inversion is between those two CARDINAL things dollar China GPE 's doing this 673 74 CARDINAL . Last I checked the boards please. If we had to thank you so much. There we go. Dollar Swissy. That's a key one. Big big drop last week DATE . I think we just breached AA key. Support love. I think it's Or 200 day DATE . We'll get to that in just a moment there. Bitcoin, we kissed 25 1000 CARDINAL , very briefly, last night TIME , we were a little bit below that, there we go, and look at oil prices, continuing to slide, and certainly the key did out of China GPE today DATE will, at least a lot of way shape the narrative, their in terms of their demand for commodities, and of course We'll talk about that later. Busy day as we mentioned here As far as the ecodair front in China GPE , we are counting down of course too. A ton of things, industrial production, retail sales, fixed assets, investments, this 1 year DATE prime rate, what will 1 year DATE Emily rate out of the PBO ORG , see on the back of the Friday numbers which you got in your screens right here. Aggregate finance saying lowest since records were first ORDINAL kept back in 2017 DATE let's bring in our chief north asia correspondent Steven Engel PERSON he's here with us to just set us up for the weekend DATE I mean yeah it's it's it's a weak economy isn't it? We're looking at camera I'm sorry. Look at you now. Let's do. Look at me now. Yeah. Right next to you. Okay. Data will talk about that as it relates to the MLF ORG Of weather China GPE 's in this liquidity trap of people not wanting to borrow even though there's lots of liquidity but let's look at the macro July DATE indicators that we're gonna get. Industrial production retail sales excessive urban investment. In addition to all these new home sales, property investment. Yeah. You can kinda guess those numbers are gonna be down but industrial production, you know, we've had the fairly strong export order In the last set of numbers there was some pent up demand and as exporters our manufacturers really got their production facilities back up and running and getting stuff out the door and out to the ships and off to export destinations but how long can that last? So we Dig deeper into the IP industrial production factory output according to the more than a dozen CARDINAL export managers survey by Bloomberg PERSON though David indicates factory orders are starting to shrink that didn't last long right no it didn't really last long so maybe it was pent up demand and this is a Harbinger maybe for some further weakness I mean we get into Rain that are details. Things like buttons, zippers, sewing thread, things that go into finish products you know in the textile industries. Down 30% PERCENT in July DATE . The orders for these things. Down 30% PERCENT in July DATE and August DATE according to these export managers. Overseas clients are looking to pair down their built up inventories that they built up in 20 CARDINAL Supply chain constraints now they're working off the inventories they're not ordering as much so IP it might still show that growth upwards but again it might show some signs of weakness coming yeah Steve PERSON just hold that thought we are just getting the wow okay

I'd still show that growth upwards but again, it might show some signs of weakness coming. Yeah, Steve PERSON , just hold that thought. We are just getting the, wow, okay. New COVID cases August 14 to Sunday DATE it has a two CARDINAL hand on it 2312 DATE I might have missed could've come earlier on and my producers about to help me out here we'll get to that later in terms of the high nine numbers which have been really making up not I would I wouldn't say the majority but the Sizable bulk of these numbers here. But then again, there's a separate conversation obviously with Sonia PERSON and maybe some of the stuff tourists there. Of course, I will get an update of that, but 2312 DATE . Back to you, you wanna try me on this. That's a good segway to retail sales. Yeah. Was has been in lockdown. You know, for the last couple weeks DATE , I guess. Okay, his more of a indicator of tourism, right? Yeah. And that kind of spending. It's a not a big part. It's oh. Six% Abusing that province to GDP and oh. Five% contribution to retail sales but again it will be a good indicator of whether there's a risk appetite for travel and if there's not a risk appetite for travel nationwide you're gonna start seeing that kind of spending in the middle of summer DATE start to drop so we'll be watching retail sales we're expecting a four CARDINAL . Nine CARDINAL That game but again as those export possible orders are dropping can they make that up with a domestic demand doesn't look like it if you look at the bank lending in this and that people are just all people don't wanna spend right now and that's where we get back to that liquidity tractors. Rates are low. Plenty of liquidity in the banking system. People just don't wanna borrow and a lot of that is attributed to the property numbers. So, we'll Looking at those new home sales plus also of course the property investment year to date year over year expected to be down five CARDINAL . Seven% so Headline number might look okay for a lot of these numbers showing a slight gradual continual recovery but again you have to dig deeper and see if it means maybe there's gonna be some pain coming down the road. So Steve PERSON we went to the liquidity trap here there's plenty of money out there it's just people are not lending or not borrowing I should say What needs to kinda be fixed here? What actually needs to be done to restore confidence and get that money flowing into the real economy? That's right. I mean, you have to solve a lot of the problems in the economy and property and to convince the people that they're properties are gonna be delivered and they don't need necessarily a boycott. They're mortgage payments and just a confidence, a boost Could be as well at the PBOC in addition to the MLF ORG setting here in what 20 minutes TIME less than 20 minutes TIME time they're expected to take a more cash out of the system because essentially there's too much liquidity in the banking But you're right lending let's bring up new loans those new loans in July DATE we're down sharply aggregate financing as David mentioned as well the broad is form of lending in the financial system Down PERSON significantly, but at the same time, Mtwo ORG , the broadest measure of money supply, was much, much higher at about 12% PERCENT growth, I believe, was the last number. There it is. So you're seeing lots of liquidity out there, but nobody is borrowing, so the MLF ORG what we're expecting today DATE According to eight CARDINAL of 12 CARDINAL economist forecast by Bloomberg PERSON the PBOC to withdraw cash through the MLF ORG for the first ORDINAL time this year DATE . Basically 600 1 billion MONEY you won maturing this month DATE . The median estimate is for the MLF ORG at 400 1 billion MONEY you won. Down 200 1 billion MONEY you on injection. But the rates to stay At 285% PERCENT . Let me just read you one last thing as far as the liquidity trap concerns that we've been talking about Yvonne Bloomberg PERSON Intelligence says the surprisingly sharp retreat in China GPE 's credit in July DATE that I just ran through new loans Aggregate financing in July DATE shows policy makers should put them on alert even taking into account the usual July DATE law and loans the data was extremely weak Dreamly ORG weak. Oh what are we looking for in terms of property investment this time around in the data Steve PERSON is there any signs of this trend which basically has collapse reversing anytime soon No there there isn't. According to the date, I'm just looking on the Bloomberg Terminal ORG here right now. Property investment, you're to date number, it's year over year, expected to be down.

Reversing anytime soon. No there there isn't it according to the date I'm just looking on the Bloomberg PERSON terminal here right now property investment you're to date number it's your over year DATE expected to be down five CARDINAL . Seven% we do have a bar chart on that you can see the trajectory down it was five DATE . Four% the previous month DATE but we're also getting new home prices month over month DATE expected to Another 10th ORDINAL of one% ORG . Depending on the city, obviously, and where there's more weakness. That's the average residential property sales here today DATE . Also expected to slump the prior number was down 31 CARDINAL . Eight% ORG . There's a problem in If you haven't heard. Yep eh did you say at least Steve PERSON thank you for that preview what to expect here today DATE to recap of that credit data as well let's get to the first ORDINAL word news we have Vonnie Quinn PERSON in New York GPE hey Bonnie PERSON hey Chinese NORP officials have signaled a thousands CARDINAL of tourists trapped in hotels on High Nan could soon return home frustration over COVID lockdowns on the resort island Over the weekend DATE . Authorities say commercial flights for domestic passengers out of Sonia PERSON should resume Monday DATE . However, travelers can only fly out if there are no new cases in their tool groups and hotels within the last 7 days DATE . A US GPE congressional delegation led by Senator Ed Markie PERSON landed in Taiwan GPE on Sunday DATE for a 2 day DATE visit they're meeting with One CARDINAL is president saying when and other lawmakers according to the American Institute ORG in Taiwan GPE discussions include global supply chains and climate change the trip risks keeping tensions with China GPE high after house speaker Nancy Pelosi's PERSON recent visit to the region Sign up in China Life Insurance ORG are among a group of Chinese NORP giants that to exit from US GPE exchanges five CARDINAL of China GPE 's largest state owned firms announced their intention to do list Friday DATE that's a spots over audits continue 200 CARDINAL Chinese NORP firms are facing possible deal listing in the US GPE as soon as 2024 CARDINAL unless Beijing GPE grounds access to American NORP auditors The chair of the US House Intelligence Committee ORG Adam Schiff PERSON says he hasn't seen any evidence that materials the FBI ORG sees from Donald Trump's PERSON home we're properly decasified Friday DATE that everything taken was decalsified or covered by executive and attorney kind privilege chef said that argument is absurd and he's asked US GPE intelligence to provide a damage assessment of the seas records Global news 24 hours TIME a day on air and on Bloomberg PERSON we take powered by more than 2700 CARDINAL generalist analysis and where the 120 CARDINAL countries I'm finally Quinn PERSON this is Bloomberg Yvonne PERSON . Later on but up next Wealth ORG management strategist to And Hong Kong GPE Supermarkets trying to open happy Monday DATE . While Tesla ORG 's in the like make for good headlines the reality is that even if every car on the roads today DATE when electric it wouldn't be enough to curb global emissions to avoid catastrophic climate change. Greenhouse gas emissions from transportation account for about 29% PERCENT of total US GPE greenhouse gas emissions. So what about the other 71% PERCENT ? Buildings across

10% PERCENT of total US GPE greenhouse gas emissions. So what about the other 71% PERCENT ? Instead of burning oil and gas to give us the energy and electricity we need we wanna do 100% PERCENT clean energy Vehicle is all electric with no fossil fuels. We wanna do that with our buildings and if we can do it in one CARDINAL building, we can do it in all buildings and if we do it in all We'll reduce 30% PERCENT of US GPE greenhouse gas emissions. Economic policy symposium Discuss the economic issues and solutions that keep the world's money moving. Coverage starts August 25 DATE only on Bloomberg Television ORG and Radio ORG . You are watching Blue Markets ORG tryna open a big week DATE ahead here when it comes to markets obviously the Fed ORG minutes are gonna be the big one here on any sort of clues and really just how The next move is gonna be coming from the fellow reserve wait time with the bats and the size of September DATE hike now how big is basically we swallow between 50 and 75 CARDINAL basis points right a base help we've seen the recent job support the CPI reports as well meanwhile we got Central Action ORG in the Philippines GPE RBZ also out both expected to hike as well and the RBNZ ORG continuing to spearhead that global tightening cycle to cool those rising prices of jobs figures out of Australia GPE coming out on Thursday DATE as well we're kinda down today DATE at least to that data dump out of China Yep absolutely and in fact just for a bloomer clients TLIV going your terminals we're getting started right now with their blog there's a ton QUANTITY happening here ahead of that though just to recap you know our pulse survey that we did Week DATE . So, we talked about or we asked 60 40 DATE . Is that portfolio dead? Is that play dead majority think no, that's the viable at this point given of obviously where price of drop as you can see on your screens. In terms of whether or not this actually outperforms inflation and we're extending this 10 years DATE That's that's the key sort of take away from that 65% PERCENT yes If you would or if you had to replace bods what would you replace bonds with here the choices and I think I've almost a third CARDINAL thing it's other than these four CARDINAL you see on your screens Yvonne Yeah PERSON , basically not crypto, right? Only six%. Everyone's getting into kind of private equity. Gotta go to real estate. Also maybe catching a bit of a bit there. Let's bring our guest. I'll be last hour TIME on here, senior investment strategist, charter wealth management. He is in the camp. That 60 40 DATE may not be dead just yet. This debate was happening 2 years DATE back I think the the results would be very different because Which at first ORDINAL investors to you know allocate more to equities and take on more risk but you know the sell of that we have seen this year DATE is very very unique it's only the fourth ORDINAL instant since 1870 DATE 's where both bonds and equities are down here today DATE and the the shop decline in bonds that we've seen Husband that yields our close to decade DATE highs you know across most of the major acid plus so we think that you know going forward we would prefer to be diversified across equities and months DATE especially given the the risks to global growth and add the margin we would be looking to allocate a bit more to bonds at the expense of equities. Okay if if I can I continue that strategy can I still be positive about on stocks and bonds and interest rates are gonna continue to rise then I'll be lashed So we are neutralum on stocks and bonds so we think that clearly

Strategy positive on on stocks and bonds and interest rates are gonna continue to rise then I'll be lush. So Brian Newton PERSON on stocks and bonds so we think that clearly there is a lot of uncertainty as far as growth in US GPE and Europe LOC is concerned even to a certain degree in China GPE right so it it makes sense to take a more concentrated or more specific beds within certain geographies rather than being over the overall acid Because you know while we have seen equities decline here today DATE we've obviously seen a big bounce back which is not uncommon we have seen bear market rallies happen in in past recessionally in the recessionary cycles as well so we don't So, you know, within equities, we do have a preference for Asia Japan LOC equities as well as UK GPE equities and within bonds we favor Asian NORP dollar bonds as well as develop market high yield bonds as we think that the risk reward in these areas is quite attractive at the moment. Okay understood and part of your key assumption ahead of the Fed Minute this week DATE is what the dollar index tops out 107 50 MONEY US GPE 10 year DATE I believe it's three% the call from you guys not to say that those projections are wrong but you know Basically these conditions were were one CARDINAL bad inflation report away from those things going wrong what's the risk to that view? Absolutely I mean we have to realize that if you look at the volatility in the markets as well as economic data it is fairly high and and stock markets and boilings have been quite sensitive more than we have been accustomed to if you look at moving next right now in our Be the pullback and market expectations in terms of federate heights after the the July DATE inflation print has been a bit overdone so we think that there is a risk that the Fed ORG minutes will indicate feds you know inflation fighting stance and we have seen that come through in the Fed ORG Speaker you know speeches as well There is a risk that markets do at just a rate high probability a bit higher towards 75% PERCENT and that could boost the dollar and the yields a bit more but we think from a long term perspective it's difficult to see 10 year DATE yields breaching 325 CARDINAL . Again from a sustainable perspective Understood ORG . Now, I believe just hold in a second ORDINAL because we should be getting delayed latest the PBOC setting, the 1 year DATE MLF ORG it's not out just yet let me just check that on my terminal no not I'll just Where is China GPE in that? But we think that China GPE is obviously a big component of our overweight Asia LOC call given that it accounts for around 40% PERCENT rate in the index now we are bullish on Asia LOC and Chinese NORP equities for three CARDINAL key reasons right one is if you look at valuations of we think that valuations are below historical averages and from a Perspective. They are a bit under road. So, that is something that that reduces the impedant impediment for the performance. The second ORDINAL reason why these are set classes have under performed in the past couple of weeks DATE is due political tensions and they are set to continue with with the latest with delegation. But from a long time perspective, due politics really ends up impacting Returns on a on a prolonged basis unless we do see a bar player up and third ORDINAL we think that you know Chinese NORP economic data should be positive both retail sales and industrial production that will get a little later today DATE so that should boost market sentiment. Yeah. Just wanna break those lines crossing on our bluebird right now. The PBOC. Hey, they cutting rates. Tell her a one CARDINAL Cut from 2:85% PERCENT . To 275% PERCENT . This is a 10 CARDINAL basis point cut of that MLF ORG rate conducting also at 400 1 billion MONEY B of that operation as well Dave PERSON I we were not expecting a cut here today DATE . No not not at all in fact they haven't touched this one all year certainly indicative of where they want to guide markets towards right now they're also at the same time though it's also worth noting they're also taking some money System PRODUCT . So, net net. I just trying to work out my head with that bite. Actually, mean, but certainly, the broader story here, there's a week DATE ahead of me. A lot of money supply, not a lot of takers for credit for example, and this is a wash with liquidity when you look and say inner bank rates for example, right? So, the last time they actually Lashes where I'm just checking my terminal right now was in November or late last year DATE from 2:95 TIME : we went to 285 CARDINAL and right now we're 275% PERCENT . Yvonne Your PERSON response to all this that we are seeing a ray cut from the BBOC here.

At seven CARDINAL five% Yvonne PERSON I realized your response to all this that we are seeing a ray cut from the BBOC here your thoughts. Well yeah it it certainly comes as a surprise that I don't think anyone in the market was expecting that now I think if you look at it in in conjunction with the data that we saw the weekend DATE obviously we saw a big drop in aggregate financing numbers in in the new loan numbers so I think we the the rate cut the surprise rate cut is a response to that and it's it's It's a response to us PBOC trying to support the economy given the risk that that we face. Now, I think from from a from a messaging perspective, this is also a big shift because just last week DATE , we did see PBOC sounding a bit more hockish after the inflation print Slightly higher. So, you know, clearly, it's it's one of the it's it's more continuation of the same where previously is still remaining supportive and trying to help the economy recover. Given the slowdown that we have seen. So, I think the markets would should react to this in a positive manner going forward. You know, there's another red cart. I just hold that thought also. They're also moving on the 7 day DATE reverse repo rate. They're all to taking that to two% ORG from two CARDINAL . One% so that's two CARDINAL key benchmarks as far as that's concerned. It took me not really expected You're seeing right now. What does this do for fixed income in China GPE where the sense was inflation Week at least was something on the radar of the PBOC that might be something of course that bond bulls for example would have to think about does this change anything? Well I think if you're looking at it from a onshore market perspective yes add the margin it does reduce the risk of of yields moving higher and that could mean that the outperformance of Chinese NORP government bonds which have been you know a big standout in the global board market space Could be set to extend further right but from from an offshore credit space I think it doesn't make much much difference right because if you look at Chinese NORP corporates lately face stresses from from from slower economic growth so unless we see signs of of Sustainable rebound in economic growth in China GPE . Spreads good continue to remain wide in the next 1 to 2 months DATE . Though on a 1200 CARDINAL basis we still expect them to compress given that we expect Chinese NORP recovery to together seen as we go along. I'll be like fantastic and we'll speak to you soon again. Instead of chart of wealth management you can all determine by the way on this very very busy Monday DATE morning TIME for everything China GPE really TLIV go on your Bloomberg PERSON terminals there in case you missed it PBBC ORG out with two CARDINAL Ahead of course up the open Yvonne PERSON . That's something to wake up to, right? Some good news finally maybe for these markets. That we've been seeing of some time when it comes to China GPE . In terms of stocks to watch, we're definitely watching some of these essays very closely here that likes of Petro GPE , China GPE , Hey companies that we've been looking at here Mentioned about D listing are the US GPE as well that news came out on Fridays DATE it's certainly we did see a drop on Friday DATE in the US GPE significance down about one and CARDINAL a half percent or more we're take a look at what it comes to also these Evie makers as well it's a big big week DATE when it comes to earnings for some of these EV ORG makers the auto is the next one here today DATE as well lot of signs that maybe a Those are coming back. In any of these companies as well Dave PERSON . On balance things are bit more constructive rights as we approach the open today DATE just partial list obviously of what we've been tracking here in case you're also missing it we're also getting new home sales and well not new home sales Cities that are exhibiting Your increases that's green and red as you can see that dominance really where you see home price deflation in China GPE we'll get an update of this in just a couple of minutes earnings very quickly if I talked about this yet likes I think it's Lee PERSON Auto coming out today DATE just very quickly have a glance at this yeah there we go sunny optical Yvonne PERSON . Yep and we got analyst actions we're focusing on the property space as well some call some city as well as JP Morgan ORG cut to an underway for times China GPE from JB Morgan PERSON soon out China GPE as well as sci ORG fi whole

Soon out China GPE as well as sci ORG fi holdings cut to a neutral There. There we go. Everything else coming up. There's also this debut here today DATE . It's back the 50 day DATE moving average is in focus in the Shanghai GPE . Compose it. We're coming off lows in future. So, the direction is on the way up. The open is next. This is Bloomberg PERSON . Good morning TIME . I've always been a person who's just been attracted to hair I like to sit and think and theorize how I can manifest these visions that I have for braiding and how I can take something that Macy ORG The line drawing in my mind and apply that to someone's scalp We are the only culture that has here that grows out of our head the way that it Anyone from the African NORP diaspora is born with this amazingly curly hair that can be shaped into a variety of different ways of expression I want black people to love themselves for how they naturally appear and also to appreciate the cultural practices such as writing that our ancestors have practiced For centuries DATE . Alright, good morning TIME . Welcome back to the shows. If you haven't had your coffee just yet, I love that tends to pick you up. Hear something. PBOC, unexpectedly cutting interest rates, the 1 year DATE MLF ORG , down 10 CARDINAL bips, and all to the 7 day DATE reverse rep Seconds TIME away here on some property. Right of course this still remains the the big head when it comes to Chinese NORP economy and perhaps why we are seeing those two CARDINAL rate cuts that we saw just a few minutes ago TIME when it comes 7 day DATE reverse repost as well both a 10 CARDINAL basis point hike how positive that is going to be for the market here today DATE still a key question as well and it does that mean the the data we're Get the top of the hour. Activity data. Is is it gonna be bad? We're we're hoping for some sort of recovery from what we saw as well. Here's how they open us very at least in Shanghai GPE . As well as in here today DATE . Seeing some decent drops here just about fit the one% ORG . Pretty slow going. Not much reaction yet. When it comes to the stimulus measures that we did just see there as I'll take a look at the big moves in the currency, big moves, and rates as well on the back of that MLF ORG that rate cut. We've dimensioned about dollar China GPE and the moves there are 675 13 CARDINAL for your offshore rate the entree rate 674 28. We are seeing yields legging lower here today DATE 271 CARDINAL for your Chinese 10 year EVENT yield now and Crew PERSON not doing too much in Shanghai GPE but slightly lower by a close to one% ORG we're watching Hong Kong GPE very much in focus in terms of earnings as we've been talking about the lives of Lee Ottos PERSON any optical the likes or coming out with earn Here today DATE . We are also slow going. A third CARDINAL of one% ORG lower for the hang sang as well. We're just up above 20100.

We are also so going a third CARDINAL of one% ORG lower for the hang sang as well we're just up above 20 1000 100 or so it just tech a marginal losses here also with property as well some stocks in focus we're focusing on we mentioned about those deal listing concerns those companies those SOEs that announced on Friday DATE that they were gonna be delisting from the US GPE China GPE life insurance petronako those are the ones that were listed as well side effects And also what we're looking at earnings, earnings, earnings, we had high, low coming out with a profit warning as well, I think you look at what it comes elite auto, coming out Income there and you have new home prices Dave PERSON . Yeah we we do okay I'll take this for me right now there's a ton QUANTITY happening so. 11% PERCENT that's month DATE and month DATE that's across all it depends on what city you look at of course but the overall trend really is 11 straight months 11 DATE one one so one It takes us back to a full year DATE of home price inflation in China GPE . 11% PERCENT declines an overall home prices on the Chinese NORP meal that let's well let's take this piece of data let's take what the PBOC did and reducing to to benchmark interest And let's bring in June DATE Hung Lee PERSON founder and CEO of JL Warren Capital ORG . They're an independent equity research from focus on Chinese NORP companies and of course listed multinationals. Then China GPE , Thanks for joining us. I know the overall stands from from your end is that it's very hard to be constructive and and and really optimistic on any Chinese NORP asset class at this point. How does what the PBOC did a few minutes ago TIME change things? If at all. I think there are three CARDINAL main factors concerning China GPE and Chinese NORP economy, Chinese NORP equities right now. 1 years DATE it's a COVID policy. The other Real estate and overall you leverage campaign and the last one is the geopolitics especially when it comes to Taiwan GPE and the And the US GPE . I think all three CARDINAL factors are incrementally negative week DATE by week DATE , a month DATE by month DATE . Chinese NORP equities. However, we believe the easing does come will be very targeted that you infrastructure spending. Infrastructure projects as opposed to a real Because I think they'll he leverage campaign is pretty clear setting it's direction I mean the housing market even though the price come down you know. One% The overall over the past the 20 years DATE annualized the return on home prices in China GPE has gone up more than double double digits every So that's literally like nothing. That doesn't change the overall direction of of of you know real estate. The bubble in either real estate Determination that we see from the government. Right and a lot of other sectors not primarily of course in real estate itself. Do depend on what happens in the property market. Do you also avoid those Supplementary sectors to the real estate sector. Of course, real estate is about 30% PERCENT of China GPE 's GDP and it's a big, a big, revenue contributor to a local government Budget ORG . We are seeing right now is just give you example I mean some sectors that people will not expect that to be impacted by the downpour of the physical budget and local levels such as ED ORG subsidies or the purchase Substitutes ORG now are coming down because local government realizes that they don't have the money to to support consumption and economy. So, I mean, I think a lot of Impact on different sectors. We are going to see in the earnings that's coming out in the week DATE or two CARDINAL . I'm a bit confused on her about just the news that we got from the PBOs see so they're draining liquidity but they're also cutting rates. Let Nat PERSON what does that mean? I mean I think it's more symbolic implying that they under

Liquidity but they're also cutting rates Lynette PERSON what does that mean? I mean I think it's more symbolic implying that they understand the great impact of COVID and potential Economy so oh COVID we've been talking about this for a very long time it is and people are hoping that incrementally you will However, now we see everyone's cities get hit by this very rich implementation of the COVID policy in July DATE . It was turned through and this month it was high nine. So, all those numbers, I mean, we are seeing nationwide on Recall traffic. Consumption the For example in the fall DATE after the after Congress ORG . The most population will have such a deep grounded fear that this COVID is Debilitating disease and even with the incremental, you know, relaxation of the of the headline. We are not willing to go out and go back to their normal lives. Because they don't want the, you know, just accidentally get this infection You know and which will impact that their employment et cetera. So I think that will take time to to change the people's behavior such that you know we're just going to see the week DATE coming up consumption for a while. I was gonna get the consumption because one sector that you're a bit more bearish on is EVs when when the rest of the market almost seems Saying if there's any sector that's gonna benefit from the reopening story, from the stimulus story, policy tail is alike. Is the EV ORG sector? Why go against this trade? It's exactly what you said because the perception is such that it has the tail wing of the policy support Like we said like what we are just we were just discussing right? I mean the COVID and COVID policy in Hey Such that you know we're still seeing this double digit style in reheal traffic and local government fiscal budget is not in a great condition to continuous Subsidies in many local areas so I think We will start to see the monthly DATE delivery pay there to weekend in most to come actually we already seeing that you order Hey And we are expecting that Qthree is going to be really challenging and particularly in summer DATE EV ORG So when Neo PERSON has perhaps EP five LAW coming to the market in Q four CARDINAL and couple of more new models coming up Next year DATE . Has a new model coming up relatively soon. Doesn't have a straw. Pipeline. So, it's going to lose market share to not only Neo PERSON , not only you know, Lee PERSON and the pure playing EB space but also traditional. EB make traditional automakers such BYD ORG and new commerce such as Leap LOC which is supposed to be a new IPO ORG soon. So, we are seeing this segment is getting extremely competitive and I think that's something that you masters 40 CARDINAL embrace the app Do you know I think the if I remember correctly Latest bank of America GPE fund managers survey either last month DATE or the month DATE before that You know a lot of them on the buyer side have started to relook at exposure to China GPE or pivot back so I certainly need to sell side will tell you as much if if not more is there any part of this Chinese NORP equity market or bond market given repricing is that you're actually bullish on. No unfortunately no I mean I wish I could say yes.

Part of this Chinese NORP equity market or bond market given repricing is that you're actually bullish on. No unfortunately no I mean I wish I could say yes So so I'm sure there would be a group of companies and group of sectors that benefit from you know the new sort of dynamics of accelerating investments in tech and the sort of military infrastructure as the the Reset. When we think about you know offshore investments Nominated Lot not a lot especially you know those meet with the liquidity criteria so if anything we still think that there are some short ideas that are you know reward attractive as opposed to a long ideas. Okay and we'll talk about that next time and get into that further I'm sure a lot of people would like to hear about those culture and how many thank you so much for joining us in the US GPE out of JL Warren capital let's get it over now from well the West Coast LOC to the east coast LOC in New York GPE wanting Quince PERSON there she has your first ORDINAL review Thank you. Us capital police say a man crashed his car into a barricade and fired a gun into the air several times before fatally shooting himself. Police say the 29 year old DATE man may have said fire to his own car. And was being approached by officers when he shot himself. It's still not clear why he chose to drive to the capital area. According to the It doesn't appear the man was targeting any members of congress Water ORG levels are the key way point on the Ryan River LOC are expected to study at an extremely low level this week DATE as a climate crisis adds to Europe LOC 's energy crunch many barges can't transit past the margarit cow which is west of Frankfort LOC when the water level is about 40 cm QUANTITY or below it's currently at about 35 CARDINAL The Ryan is Western Europe's LOC most important river for transporting fuel and other goods. Salman Rushty PERSON is starting to recover in 2 days DATE after being stabbed at lecture in New York AP GPE has closured his agent saying the author is now on the road to recovery Russia GPE has said to have been removed from a ventilator Sunday DATE and is able to talk and joke the author of the satanic verses suffered serious injuries on Friday DATE after being Multiple times shortly after taking the stage Former Jane PERSON 's death at the age of 59 DATE was announced on Saturday DATE after a 5 year DATE battle with cancer. Investment banking business and turning the German NORP lender into a global trading powerhouse Billionaire PERSON investor Has died. He was 62 DATE . He was dubbed India GPE 's war involved due to his reputation for a long-term equity investing and was among the most influential market voices in the nation. Started my shares with a loan of $ 100 MONEY in 1985 DATE and along the way invested in some of India GPE 's most prominent names including its biggest jeweler, Titan GPE , and airline startup at Casa Air ORG . Global news 24 hours TIME a day on air and I'll do very quick take power over 2700 DATE journalist analysis and more than 120 CARDINAL countries I'm Donnie Quinn PERSON this is Bloomberg PERSON . Right just ahead we had some earnings out of a ram coast we'll talk about that in a couple of minutes TIME Very, very simply, the biggest quarterly DATE profit of any listed company, massive, massive numbers, they will have a closer look at that Unexpected ORG rate cuts cuts in fact there out of the PBOC that's all I had this is Bloomberg PERSON

The difference between endless research and a winning strategy. Bloomberg Law PERSON combines the latest in AI GPE powered tools and in-depth analysis to accelerate the research process. To grow your practice and make better use of your valuable time. The difference is Bloomberg Law PERSON Choose Bloomberg. Hey Well the recent rally in oil prices certainly did house how do you arrive Another record as David mentioned it was the biggest quarterly DATE adjustive profit of any list of company globally a $ 48 MONEY . 4 billion CARDINAL worth let's bring a suitcase joining us with more and Sue quite Fall there. We know where it came from by Russia GPE invading Ukraine GPE pushed the oil prices up well above one CARDINAL One CARDINAL point and that has been a windfall for many of the big oil companies but nobody appears to a It as much as Saudi Arabia GPE Stay controlled oil company 48 CARDINAL . 4 billion CARDINAL in profit free cash flow As well as to expand capacity Transitioning away from fossil fuels but they see demand for their products continuing to Economic pressure on the short term global forecast but we're seeing this kind of boom for a lot of energy companies exon and shell post Oil prices served well above 100 CARDINAL they've been retreating for several Economic conditions globally and what that may mean for demand. Well speaking of oil's been on the down trend from last week DATE in fact I think we close below a key level on Friday DATE and we're seeing some weakness today DATE see what's been behind this drop in oil prices yeah actually Trading I think below 92 in Agent Trading and Nata extension the last we saw Friday DATE a better than two and a half Drop DATE in new york GPE trading so yes oil down and that has a lot to do with the mix of both bearish and bullish Trader Wing PERSON . European Union ORG brokered nuclear deal if To the right guarantee so that would possibly put more oil supply out there that's bearish and then you've got cooling inflation that could ease the pace of Hikes ORG . Now, looking at the Bloomberg PERSON here, if you look at the blue line, which is against inflation, the white line, the blue line has dropped off significant That's the price of gas at the pub here in

For the first ORDINAL time since March DATE kind of a relief for consumers and a Us GPE should fall further but significantly in terms of direction of Short term looks We've got another like lower to go. Suki and live for us out of New York GPE . Let's get it over now. Also in New York GPE , Vernie Quince PERSON , there she has your latest business flash headlines. Ronnie. David, thank you. Chinese NORP deliver a long four CARDINAL group. It said to be receiving a 447 1 million dollars MONEY syndicated loan which would potentially alleviate market concern about this liquidity. As sources, the company has reached an agree Design ORG a contract for the loan with state owned and foreign banks as early as this week DATE . Blue scope steel is reported underlying fully profit of one CARDINAL . 9 billion US dollars MONEY meeting the average analyst estimate revenue of 13 CARDINAL and a half one 1 million QUANTITY was up 48% PERCENT on the year DATE bluescope so continued strong demand for steel products despite recent volatility the board approved to buy back increase of up to 356 Over the next 12 months DATE Those who latest business start headlines. Yvonne PERSON . Alright Vonnie yeah six% out for Blue Scope we'll be speaking with the managing director at the CEO Mark Vasella PERSON live here on Lubert Television PERSON that's gonna be 10 AM Hong Kong TIME time 12 PM TIME Sydney GPE on the back of those Results as well. Dave PERSON . Another record for them just a change of the marketone narrative here. There we go. Session highs and Chinese NORP equity markets after those two CARDINAL rate cuts out of the PBO ORG , see a 10 minutes TIME ahead, some key activity data coming That's all I had in a preview of that suit plus a recap of what they did 30 minutes TIME back this is Bloomberg PERSON Today DATE 's CFO ORG 's are reshaping the sea suite positioning companies to meet the next generation of challenges breaking out of traditional roles to become G Future Officer One ORG of the most important things is looking around the corner. Right welcome back to the shows the I look at our chart here of the just sort of spaghetti and ABC ORG noodle soup of PBOC rate interest rates here and there we go the two CARDINAL unexpected cuts 1 year DATE Left and your seven CARDINAL date reverse repo let's bring in James Mager PERSON our greater China GPE editor joining us right now James PERSON we're getting it we're gonna get some data in about what just under 10 minutes TIME from now was what they did a preview perhaps so bad that data's gonna be I think what you saw today DATE was a reaction to what the day we got on Friday DATE with a credit date that came on Friday DATE which showed us a collapse in loans both to households and to to corporate to companies. Yeah, incredibly weak.

Collapse And to to corporate the companies. Yeah, incredibly weak. Learn demand from, from companies, and I think that PBOC is reacting to that. By trying to make landing a little bit cheaper. The problem is that, you know, there isn't a lack of credit in the system. There's a lot of cheap credit in the system. Banks can actually borrow from each other cheap and that they can borrow from the, PBSC and the loans that were they're the PBS ORG you put out today so the problem is that there's a lack of money and it's other than money is too expensive and so making money cheap by cutting rates will help that problem is there's just like a credit demand a companies don't wanna borrow households don't wanna borrow so it's unclear how much of an effect this this rate cut from the PBSC this morning TIME is really gonna have to boost credit to man and to boost to boost Yeah, a lot of questions about that. New cases James Hollis PERSON I can reporting 1162 DATE COVID cases there. Obviously this is where we've been seeing most of these COVID infections in China GPE . We just broke up. I think about 2000. A nationwide. I just wonder Tourist destination under once again a lockdown. I mean the services industry in China GPE has been decimated the last two and a half years DATE I mean I don't holidays last that we put lasting and the number of hotels that were shot the number of restaurants that were shot you know it's been incredibly damaging for tourism for services for travel all those kinds of things so I think you will see Overall retail sales and overall consumption people are still have to go shopping and buy food and things but you know without a change to the COVID oh policies and without a change the possibility that you could get locked down at any time where have you go anywhere you know there was video I've people being locked down today DATE in an IKEA ORG in Shanghai GPE over Can you Tourism sections in the economy. There is a change in COVID oh. I mean there there are worst places to be locked in than Ikea PERSON at least there's so many to lie down on there but yes point take Not bad too. Market, couple of market checks, or of course right now, equity markets on the way up. This yields are continuing to push lower in China GPE , Chinese NORP tenure yield now below two CARDINAL . Seven%. The data's breaking next. This is Bloomberg PERSON .

Is it possible the industries in an arms race that will Lead to spending itself into an over supply. I mean, that has happened before We we we've looked at this very carefully and you know, the digitalization of everything. Tell me what aspect of your life, Emily? Is it becoming more digital? Well, I'm trying to prevent that but yeah. Hey COVID has accelerated that. The industry cost 500 1 billion dollars MONEY last year DATE . The semi conductor industry overall and estimates are a one 1 trillion dollars MONEY . A doubling by the end of the decade DATE . At that point. It's not that there's not gonna be some blitz and turns on the way and the majority of that is driven by Process technology of which only three CARDINAL companies can satisfy that needle. Here we go. Welcome back to the shows here. It's almost 10 AM. We're here in Hong Kong GPE up in Bay LOC . Welcome to Bloomberg Markets ORG . Asian NORP , David Inglass PERSON with Yvonne Mann PERSON . Juan PERSON . That we're just seconds away from that data done july DATE activity data out of China GPE and yeah before even that happened we have a surprise breakouts from the See here this morning TIME when it comes to MLF ORG the 7 day DATE reverse repo so you are seeing equity markets in Greater China LOC basically turn into the positive now that was not expected you also knew home prices 11 straight month DATE where we have seen prices fall so it doesn't go well for what we are about to see here perhaps in July DATE Yeah it might that be a preview of this one right this is is one CARDINAL part of the narrative the other one is it was this a reaction also what James Maker PERSON pointed out a reaction to just that collapse in in an actual credit number the numbers are out alright here we go there's a ton I'll start then you you take some right okay industrial production ooh Oh my goodness. Alright, that's a big mess. Three CARDINAL . Eight% ORG . The estimate is for four CARDINAL . Three% GPE . Retail sales two CARDINAL . Seven% estimate 491% PERCENT . Yeah that's a quite a sizable miss there we were expecting maybe some sort of rejuvenation and retail sales and consumption side of things here fix acid investment we're talking five. Seven% that also was lower than expected and properly investment this is the big one we've been watching For as well. Six. CARDINAL Four% that is bigger than expected to Dave PERSON . Yeah Trying to look for a silver lining here. Well, well, the jobless rate fell, right? A 545% PERCENT . and a half percent PERCENT was the estimate. Let's get instant reaction, a hell and chow is here with us on set, both global research apex. Economics hit and also great Of course. So, yeah. All yours. All yours. But I would say that it still showed that the Current.

I would say that it still showed that the domestic demand is currently pretty weak and in dust warrant more policy easing so ask the surprise interestary card this morning TIME seems to be suggesting policy makers are concerned and they want to make a gesture 10 CARDINAL basis points is almost like not a big deal right It's a small gesture but at least it shows that they care. But if you look at the IP ORG for example, industrial production, that seems to be much weaker, and at the time one, you know, exports were still holding up relatively okay. That seems to be suggesting that the message man is particularly weak. At the same time, retail sales, I think that's a bigger mess compared to to And this is saying that consumer demand is very you know very vulnerable at the moment and it does require more stimulus. So it it doesn't seem that well one CARDINAL pillar to your point was exports. Right? Doesn't seem well that's gonna go away because of the slowdown happening and you're already seeing signs of that now. Easy growth now. Oh, yeah. With this, I mean, just ballpark really of where you think you might need to revise your forecast. Standing at So first ORDINAL half was a two CARDINAL . Five because we had a four. Eight and then oh. Four CARDINAL . Yeah. But then in the second half DATE we're expecting a close to four% in the third quarter DATE , a close to five% in the in the fourth quarter DATE . So in the way this has still has some assumptions based on the fact that we are expecting a reopening after the Congress ORG in October DATE if that does happen I would say that there is a good chance we're still gather three CARDINAL . Five% for the whole year DATE . Okay that's a that's a big assumption Helen PERSON and I wonder the fact that we saw these policy cuts here today DATE should should I assume that the PBOC you'll in terms of Priorities and what's on the agenda is supporting growth still the big theme. Well, they certainly is. The PPOC ORG has a very important policy target that includes a growth stability, you know, job market growth as well as inflations stability. But at the I would say that they are current priority should be shifting definitely more towards the growth supporting part but if judged up by the the the Third quarter DATE monetary policy report that was released the last week DATE it seems that they still have some lingering concerns Inflation Already as low as oh. Eight% ORG even lower than what we see in Japan GPE I don't know why that we still have to be so worried about inflation at a time when the message about it so weak so it's good to see that they're finally cutting a bit despite the fact that the you know the US GPE is still hiking So should I be worried about capital flows outflows increasing then that pressure? Well, I would say that at the moment you know, judge by the most recent imperical evidence. There doesn't seem to be, you know, a lot to worry about at the time when current council plays still at all time high. Because of the very high trade surplus and the the ones that we have seen in the past a DATE few We're so high. Extremely weak and that was the reason why that we end up with a very high trace surplus and current council plus and at the same time very little pressure in in effects clearance in settlement Even if China GPE cuts rates we're going to see too much pressure on on the exchange rate front Ask your thoughts about property and what they do about this. Obviously, private investment is falling. You see that with prices themselves falling. Is there a magic pill? And how long do you think will be in this sort of boat before we see some semblance of a recovery Well, I'm afraid that we're not expecting any, you know, silver bullet to be taken at the moment. In fact, we think that central government is most likely going to stay still while encouraging local governments to help more with about ensuring the Circumstances unfortunately I think the best that we can expect is probably

So and there's such circumstances unfortunately I think the best that we can expect is probably the ongoing construction of residential properties in picking up the pays a little bit in the near term May DATE not necessarily see too much improvement and therefore we are hoping that there could be more top down measures coming from the central government and hopefully we can see a little bit of improvement you know with with more confidence coming back After the the completion of the CPC ORG so that we can have a better picture that may include for example they establishment of a stabilization fund. Why why do you think that is? Why do you think we haven't seen more forceful measures from the central government? I think that's a key new ones here Well I think the central government is still very much you know holding on to the idea that of housing is for residential purposes not for speculative purposes it's called This has been in place since 2016 DATE and president Xi PERSON has been sticking to this particular you know principal for a very long time. So even at a time when you are looking at the the property market you know Doesn't mean that they could do more from the central government Perspective in our view they should and they could but at the moment we still have seen there a little Helen PERSON as always thank you so much for your time and making your way of course here to our studios Helen Chow PERSON they're out of both a global research there And yeah Yvonne PERSON for our viewers and clients of course. Yeah T life is on fire here this morning TIME on the back of that data that MLI ORG all that that just happened in the last hour or so here also quoting Helen Chow PERSON already about her her reaction to this data quote not exactly pretty according to Helen PERSON We'll get a little bit more of that analysis and we're extra editors throughout the day DATE as well. We're also hearing more from the the statistics bureau. In that press conference Yeah. Now, here we go. Breaking news, not really breaking news. We've been tracking this but your ten-year DATE bond yield has just been going through the floor in China GPE . We're down five CARDINAL , six CARDINAL basis, points, lowest level, now since May 2020 DATE on that one, we started out north of two CARDINAL . Seven%. We've now clear that last I checked 268 CARDINAL . There we go, 268 CARDINAL . Send down five six CARDINAL basis not really a big surprise given a weakness and a date and of course that mood that they did on benchmark lending rates least some of it of course in money market rates. Alright, let's get it over and out of Vonnie Quinn PERSON . She is in New York GPE . She has your first ORDINAL news. Ronnie. David, thank you. Two CARDINAL . Two% below the economists median forecast of two CARDINAL . Six% consumers spending which counts for more than half CARDINAL of Japan GPE 's economic output led the growth Porter PERSON GDP was revised to an expansion from a prior contraction. A US GPE congressional delegation led by Senator Ed Markey PERSON landed in Taiwan GPE on Sunday DATE for a 2 day DATE visit. They are meeting with Taiwanese NORP president saying when the other lawmakers according to the American Institution Taiwan ORG discussions include local James and climate change Recent visit to the region. Chinese NORP officials have signaled a thousands CARDINAL of tourists trapped in hotels on High Nan could soon return home. Over COVID lockdowns on the resort island sparked protests over the weekend DATE . Travelers can only fly out if there are no new cases and there are two CARDINAL groups and hotels within the last 7 days DATE . Sign up pack in China GPE life insurance are among a group of Chinese NORP giants to exit from US GPE exchanges five CARDINAL of China GPE 's largest state owned firms announced their intention to deal list on Friday DATE that says the spot over audits continue Access to American NORP auditors Us capital police say a man crashed his car into a barricade and fired it onto the air several times before fatally shooting himself.

Us GPE capital police say a man crashed his car into a barricade and fired it onto the air several times before fatally shooting himself. Say the 29 year old DATE man may have said fire to his own car. I'm just being approached by officers when he shot himself. It's still not care why he chose to drive to the capital area according to the police. It doesn't appear the man was targeting any members of congress ORG Salman Rashti PERSON is starting to recover 2 days DATE after being stabbed at a lecture in New York GPE . The AP ORG is quoted his agent saying the author is now on the road to recovery. Rushy ORG has said to have been removed from a ventilator Sunday DATE and is able to talk and joke. The author of the Satanic versus suffer Injuries on Friday DATE afternoon TIME Global news 24 hours TIME a day on air and on Bloomberg Quicktake PERSON powered by more than 2700 CARDINAL journalists and I lost them with a 120 CARDINAL countries. I'm Yvonne PERSON . Alright Manny PERSON just a recapping of course a day that we got here it was definitely alarming that's what A is that calls this set of data that we saw in July DATE perhaps why we are actually seeing so much action this morning TIME when PBOC we're seeing a lot of pressure on the Beijing GPE of the China Statistics Bureau ORG now talking a little bit more about this in terms of their statement that they're reading out here right now they mentioned about momentum of the recovery is there but we must be aware the stackation risks of the world economy are increasing and the foundation for the recovery of dome Economy is yet to be consolidated. Dave PERSON , your thoughts. Yeah, I mean over the last few minutes TIME , well, we've been seeing that the equity markets have turned lower now and yeah, that is an issue on that China GPE cannot control, right? What they can't control to a large extent is domestic demand and if external demand starts the weekend DATE , that becomes really a big problem. In fact, we'll talk more about the outlook here for external demand bluesco Reported record earnings earlier on there's will be joining us in fact in a couple of minutes TIME we'll talk to him about that in his outlook and if they're seeing any signs of external demand falling that's next this is Bloomberg PERSON . While Tesla ORG 's in the like make for good headlines the reality is that even if every car on the roads today DATE when electric it wouldn't be enough to curb global emissions to avoid catastrophic climate change. Greenhouse gas emissions from transportation account for about 29% PERCENT of total US GPE greenhouse gas emissions. So what about the other 71% PERCENT ? Buildings across America burn fossil To give us the energy electricity we need we wanna do 100% PERCENT clean energy Vehicle is all electric with no fossil fuels. We wanna do that with our buildings and if we can do it in one CARDINAL building, we can do it in all building And if we do it in all buildings we'll reduce 30% PERCENT of US GPE greenhouse gas emissions. Cryptocurrency Hey Facebook Bloomberg. Hey Facebook

Hey Hey Facebook Welcome back to the show let's talk earnings and blue scopes steel hair record result massive jump in the net number there we go on your screens top end at bottom line really so it's it was a very good year here Yvonne PERSON . Yup, adding to share. Buy back efforts as well. Let's talk more about that with Mark Vasella PERSON , Bluescope Steels GPE , managing director at CEO joining us now. Apply from Melbourne GPE . Mark, thanks so much for joining us. Yes, they'll Defy PERSON all that and deliver these record profits. Tell us how. Yeah look I'm in a really strong result for blue scope the best result that we've had in our 20 years DATE is a listed company what we've seen across our our Footprint PERSON has been really quite strong demand. We saw the run up and still prices particularly in the US GPE in the last 12 months DATE . The the cost position that we have our business in we're very focused on making sure we keep our costs low as put us in a position where we've been able to take advantage of those macro tail winds and that's really what's what's driven this record result for And having said that though I mean we talk about the headwinds obviously there's been supply chain issues through the impact of COVID-19 rising labor input costs as well I wonder what what is the outlook mean for you then is it still as optimistic and you continue on with with these sort of Gains here or you know is this as good as it gets for blue scope? Well I think certainly we're forecasting the outlook for the first half of the second year DATE to be not at the levels we're at and that's largely driven by pricing What we saw over the last 12 months DATE with hot roll cool prizes prices almost reaching 2000 US dollars MONEY a ton was an extraordinary level of pricing that's a level of pricing that We won't expecting or or requiring at the state that level we were certainly in a position to take advantage of that pricings now back around 800 Us dollars MONEY are ton. That's still a very healthy price in terms of the long run average which is more like $600 MONEY a ton. So we've got into an eight CARDINAL to 900 1 million dollars MONEY Ebert for the first half DATE of the new financial year DATE which in Local terms if you weren't looking at it immediately after the record result we just posted is still a very healthy result for bluescope. Hmm. Mark your guidance as far as cash flow is concerned given the catfish that you have announced in your in your press release here. Tell us a little bit more about, you know, the seeds you're planting for the future. Yeah, it's very good question. I mean, we think we think about certainly the cash regenerated this year DATE . $ One MONEY . 7 billion CARDINAL on the back of those very high prices as I mentioned earlier We think carefully about how we allocate our capital our cash so we have a range of capital projects that we're focused on the blast furnace reline and a new metal coating line in We made an acquisition in the US GPE just before the close of the financial year DATE for a coding business and of course the money that we spend on on the expansion of our North Star LOC facility our mini mill in North America LOC so we think carefully about Profile ORG of projects that we have internally this money that's required to be spent for us to continue to decarbonize our business and meet the ever increasing targets around greenhouse gas emissions and then we also think about the cash that we generate in terms of To shareholders in our board have enough confidence in in the business model and the outlook that we've announced ¢25 Final ORG dividend and also an up to 500 1 million dollars MONEY buyback so we're very mindful of what's happening in the market internal opportunities but also returns to shareholders Mark PERSON I know you don't have really a big sort of exposure to the Chinese NORP economy A general sort of rule but certainly what happens there affects certainly the industry. What received as far as the weakness in the economy? Where do you think that puts the outlook for the entire industry? Oh China GPE has AA significant

The weakness in the economy where do you think that puts the outlook for the entire industry? Oh China GPE has AA significant impact in terms of the Asian NORP markets in particular so we watch that very closely I think the signals that have come out of China GPE in the last few years DATE around their challenge to meet carp decarbonization reducing them out of ex Rather than bringing in high cost imports and then selling product is low cost exports I think that's been fundamentally structurally good for the steel industry in the Asian NORP region so we watch that data quite closely And you mentioned a lot about sustainable steel making to Mark PERSON and I wondered do you accept that when it comes to the long term that hydrogen will will basically replace Call eventually in the steel making process and how long is that gonna that transition going to take? This is an enormous challenge for the steel industry. This is not just a blue scope problem by any stretch of the imagination. This is a global steal industry problem. There's not technology that's currently technically or Revival that sees us in a position where we can decarbonize what we're incredibly optimistic about the opportunities that hydrogen provides but I'm also mindful and I I don't wanna sound like a naysayer I'm also mindful that there is just some time and a massive Man of investment that's gonna be required to get us to a position where we haven't ecosystem around hydrogen we have enough renewable energy we have the raw materials that are required for us to decarbonize our industry we're we're a hard to a bait industry there's not a technical solution that's available at this stage but we're Working very hard on it and it blue scope we've made a significant commitment both in terms of people resources and capital to head down that decarbonization path my view is I think we're at least 10 years DATE away from the hydrogen ecosystem being in a position where it can have a material impact on the steel industry. Mark just one of the other things too that's been hounding the industry not just yours pretty much virtually every industry out there it's just these supply constraints I would say supply chains apply constraints you know entered the energy In Europe LOC as far as inflationary pressures to your business. What are you seeing and what do you think persists? There's no doubt there's some inflation re pressures. We're seeing that in labor across our footprint we're seeing it in some consumables. We're seeing it in fright. Our businesses have been heavily disrupted over the last 12 months DATE with Restrictions ORG around employees not coming to work. Our customers, restrictions around their people being in isolation. So, there's no doubt Send an impact in our business from an inflation reprospective over the last 12 months DATE . The supply chains have remained very tight. That's manifested itself in better pricing. So some of that inflation reimpact has been offset by our ability to Us GPE that through in price increases. Mark great to talking to you. Thanks so much for joining us Martha PERSON . Blue Scope Steels PERSON , CEO. We got plenty more head. This is Bloom The Indian city of Jamnigar WORK_OF_ART is a money making machine for Asia LOC 's richest man, Mukesh Ambani PERSON . His company reliance has the world's biggest oil refinery complex here in the city. Jamnagar ORG is also wearing is making his newest

His company reliance has the world's biggest oil refinery complex here in the city. Jamniga is also where Ambani PERSON is making his newest bet A 10 1 billion dollars MONEY investment in green energy. His ambition is closely aligned with the Indian NORP government's plan to reach net oh emissions by 2070 DATE . But Barney PERSON is not alone. India GPE 's second ORDINAL richest man Galta Madani PERSON has committed 20 1 billion dollars MONEY of investment over the next decade DATE . But India GPE 's massive dependencies on fossil fuels have some environmental applicants questioning the realism and sincerity of those green ambitions and those of its two CARDINAL biggest billionaires. Economic policy symposium Discuss the economic issues and solutions that keep the world's money moving. Coverage starts August 25 DATE only on Bloomberg Delevation and Radio ORG . Alright, here's the trading day that we've had so far. I think this really sums it up for you. The, we started out week in China GPE , you had a rape cut, we went up, you had a missed, we went down, and this ongoing press conference of course Of the National Beers Statistics ORG . We'll get to that later on. She has your first ORDINAL word news. David thank you the world's largest fund managers including Black Rock LOC and State St are reportedly cutting pay and taking other steps to rain in costs The financial time says Black Rock LOC plans to postpone hiring for more senior roles while state streets pay an employee benefits dropped by 15% PERCENT last quarter DATE the plans come as customers with raw assets and stay on the sidelines in the mid market volatility Wells Fargo ORG is coming to shrink its vast mortgage empire which once chairing down one CARDINAL of every three CARDINAL US GPE home loans sources say the bank's leadership may begin the retreat by reviewing ties to outside mortgage firms they generated roughly one third CARDINAL of its 205 1 billion dollars MONEY in new home loans last year DATE The strategy shift follows changes in the executive branch and years DATE of costly regulatories with me. Following a sharp rally in recent weeks DATE According to a regulatory filing for soil system investment firm bolstered its stakes in Amazon ORG sales force and alphabet the fund also added a new 20 1 million dollars MONEY position in Tesla the billionaire for launch over the last one firm manage more than 28 1 billion dollars QUANTITY as of the start of 2020 DATE Alright Bonnie PERSON thank you so much let's take a look at what it comes to movers here this morning TIME as we talked about the website that were sent across Chinese NORP equities here's what we're looking when it comes to these SOEs as well after announcing on Friday DATE that they will be delisting from the US GPE the likes of Chalico GPE try to life side effect to China GPE as All falling this morning TIME more than two% ORG losses here at yes there is a sense that this is probably bad for sentiment day but in terms of turnover and some of these US GPE listed stocks not too not too big. Yeah virtually here already this part of the world right

I've always been a person who's just been attracted to hair. To see and think and theorize how I can manifest these visions that I have for braiding and how I can take something that Macy ORG might Line drawing in my mind and apply that to someone's scalp We are the only culture that has here that grows out of our head the way that it Anyone from the African NORP diaspora is born with this amazingly curly hair that can be shaped into a variety of different ways of expression I want black people to love themselves for how they naturally appear and also to appreciate the cultural practices such as writing that our ancestors have practice For centuries DATE . It's a great question. Great question. It's 11:29 AM TIME : in Tokyo GPE . Happy Monday DATE to our Japanese NORP markets heading to that lunch break as well. We did get those GDP numbers that came out early this morning TIME . It grows returning back to those pre-pandemic Day but it's the pace of it has been actually quite slow as well and it didn't miss forecast but nevertheless we see some decent gains on the day DATE here this morning TIME . Yeah I were all to back I mean use the word back there in terms of where the Nikki GPE is the topic is slightly behind but when you chart that on a year DATE today it's and you normalize it we're basically at the start of the year DATE so yeah we are now flat a little bit higher than the year DATE in the NK still slightly lower in on the topics but really indicative of the trend in this Performance you see against the other benchmark to see there on your screen send that takes us into this sort of day which will be seen from Japan GPE and also this week DATE ahead the month. Yeah we have inflation number Japan GPE coming out later on this week DATE as well in terms of what else we're watching out for beyond just Japan GPE and the data dump that we just got out of China GPE I certainly has been a It's gonna continue on here. That decision we have BSP ORG decision on Wednesday DATE and Thursday DATE as well all the jobs there but certainly I think fed minutes TIME is probably the most big in terms of event risk out there I skip to Sport news we got Money Quinn PERSON in New York GPE hey Bonnie PERSON hey Yvonne PERSON thank you water levels at a key way point on the wine river expected to study at an extremely low level this week DATE as a climate crisis adds to yours energy crunch many barges can transit Margaret Caleb which is West of Frankfort LOC . When the water level is about 40 cm QUANTITY or below. It's currently at about 35 cm QUANTITY . The Ryan PERSON is western Europe LOC . It's the most important river for transporting fuel and other goods. The chair of the US House Intelligence Committee ORG Adam Schiff PERSON says he hasn't seen any evidence that materials the FBI ORG seized from Donald Trump's PERSON home were properly decasified Trump ORG said Friday DATE that everything taken was declared or covered by executive undertone privilege chefs says that argument is Assessment of the seas records. Us capital police ORG say a man crashed his car into a barricade and fired it gone into the air several times before fadely shooting himself Police say the 29 year old man may have said fire to his own car and was being approached by officers when he shot himself it's still not clear why he chose to drive

Shooting himself. The 29 year old DATE man. May have said fire to his own car and was being approached by officers when he shot himself. It's still not clear why he chose to drive to the capital area. According to the police it doesn't appear the man was targeting any members of Congress ORG . Trivia GPE is reporting in from Wall St and beyond for Andrew Jane PERSON they can't call CEO Death at the age of 59 DATE was announced on Saturday DATE after he had a 5 year DATE battle with cancer. He has been credited with building joy to buying some investment, banking business, and turning the German NORP lender into a global trading powerhouse. Global news 24 hours TIME a day on air and on Bloomberg PERSON we take power boom within 2700 CARDINAL journalists and analysis and we're the 120 CARDINAL countries I'm Bonnie Quinn PERSON this is Bloomberg David Ronnie PERSON , thank you, some GDP numbers, and two CARDINAL Q numbers and just really adding, I guess Yvonne PERSON to this really been a bad set of numbers today DATE here. Also, a miss Hi, lad. Two and a half percent DATE the estimate was three CARDINAL . One. Obviously missing the median and not so much of course. Where you are on the bottom line but yeah, by the way, the set index is still close today DATE . So, let's not show that. But there we go. GDP numbers and little bit of strength. Well, weakness in the currency. One CARDINAL of the best performing currency stud this year DATE . Yup, it will continue to watch of course the China GPE story now that we are seeing more lines crossing here from the statistics bureau ORG pressor and they're they're basically saying And the services industry slowed in July DATE that's kind of an understatement right given the mist that we saw when it comes to retail sales employment pressure persists overall they're saying young people still under pressure when it comes to finding jobs as well those are the latest lines after what has been a ugly ugly set of numbers yes The the market was pretty optimistic about the the stimulus measures that the cuts that we saw from the PVOC and the MLF ORG but then again once that data dropped things differently are turning a little bit more to the red now let's bring in our executive editor for Asian NORP markets Paul Dobson Paul PERSON your take on on all things trying to hear today DATE first ORDINAL the data and then what we saw before that too Bit PERSON with the MLF ORG . Yeah, yeah, all looking pretty, pretty awful out there, right? Pretty bleak. I think it started on Friday DATE with landing days, it was such a big mess, so much worse than people were expecting and it just goes to show You know there's plenty of liquidity out there in the market. But unfortunately people aren't taking it. The people that you know kind of need the money that could use the money. Don't really want it. Don't really see any useful ways of of putting that cash to good use for the economy. And the people that can't get it all the developers for example you know but it's still shut out We seen today with the MLF ORG but you know kind of really getting that money flowing through the economy again is gonna take a lot more gonna take something that really gives people confidence back and when you've got the oh COVID policy when you've got the the crack down on the property market as well it's really hard to You know kind of the the the Going again and and to get people sort of Increasing the wheels of the economy. Yeah I I love how you put that Paul and let me just I guess take a bigger step back and you know we have the fed minutes coming out the data so far we just talked about Thailand GPE Japan GPE GDP we know what's happening with the US GPE we know where Europe LOC is and now China GPE 's telling us they're not recovering as quickly is this a reality check right now for asset allocators that the world is Gonna be as blissful These next few months DATE . Oh well I mean I think that we've seen it coming already in the US GPE right we've seen that slowdown we know that there's a lot of inventory stock we've we've seen the the big Is talking about you know kind of they're outlooking a lot of groomers so we already saw from the demand side that there is this slowdown coming they're starting to to hit China GPE starting to hit our part of the world you know the economy the the data has been looking strong so far probably because of the backlog that you Second half of the year and particularly fourth quarter when everything seems to be coming together in more of that kind of a crunch right so I I guess you know kind of maybe it's just that extent of how Slow ORG things are how how precarious they are inside China GPE is there is the thing that's new here? Hmm. Paul PERSON thank you Paul Dolphin PERSON .

Oh how percarious they are inside China GPE is there is the thing that's new here? Hmm. Paul PERSON thank you Paul Dolphin PERSON there are executive editor for Asian NORP markets just giving us just a flavor of just the pulse that we're seeing here across these markets certainly has been a volatile session in China GPE here today DATE let's check oil prices here in the meantime was obviously we've been talking about those Ramco NORP earnings that were certainly Quite quite optimistic here and traitors are basically trying to weigh a whole mix of bearish and bullish headlines taking a brand or just below 98 bucks MONEY here right now New York GPE crudes are just below 92 bucks there's a possibly Iran GPE could be putting oil back on the market as well as bringing zucchini and joining us for more so Sue PERSON walk us through what are some of the big drivers Of crude here now. Why it's been a real mix News. Even though oil did post games for the week One DATE of the big drivers are Ron PERSON said that it could accept the European Union ORG broker agreement on the nuclear issue if it receives certain guarantees so that Put more oil from around on the market. Big Also a big topic that could ease the pace of the Across the board impact the options that we're seeing right now are are very interesting in terms of what that could mean going forward very quickly with dropping to the Bloomberg PERSON because another This is a chart of inflation which is that white line on top and blue which is gasoline which $ Four MONEY at the retail level for the first ORDINAL time since March DATE last Secretary said US GPE gas prices should call further and this is offering actually political relief for the Biden PERSON White House which has been pushing to get Energy prices at least gasoline price is lower. Commodities in 2 years DATE which indic Long term professionals that I've spoken to and others say it's very difficult to call the direction of oil going forward from here given that mix of And from Aramco Sue did we hear anything from the company as far as their plans and topics for example because I would imagine what they do affects I guess part of the narrative here. Yeah, Thinking of expanding their seeing demand for the next decade DATE growing which is contrary to some of the project One 1 billion MONEY in profit broke all of their own records in fact it's Biggest quarterly DATE profit for any publicly traded company in the world at this point are free cash flows by some 53% PERCENT using the windfall as mentioned to pay down debt and to expand other Capacity. Most of the world is moving Hey Even though there's downward economic pressure on short-term Global forecast and as you know we've seen other oil companies like Axon ORG like shell post record second quarter ORG earnings nothing on the level Perhaps in the rear view mirror for a lot of these big oil companies for the reasons we just mentioned the And West Texas LOC interme So thanks for getting there. We're checking the bot on the back of those GDP numbers that did disappoint quite a bit and we are seeing some downs that would comes to the currency here this morning TIME . Just weakening about half CARDINAL of one% ORG or more. I think we're hovering on the 35 DATE , 51 DATE , or 49 DATE now. Levels here for the type of

I think it's one of the best Currencies ORG out there in Asia LOC obviously the tourism factor a lot of people returning to Thailand GPE that's helping the currency as well you have a narrowing current account deficit those those drop in oil prices as you mentioned certainly helping the currency as well so wondering if it's just a blip or not today Dave PERSON we'll Yeah, I mean, it's certainly excuse to take some money off the table, right? Given that this has been bit up substantially this month DATE . In fact, Thailand GPE will be part of our next conversation here and we'll we'll dig deeper into Southeast Asia LOC and private capital and really where a lot of these funds are deploying their money with global private capital association CEO Ka Bros ORG will be joining us of course to talk us through Activity remains strong where they're putting their money on is a big place. It's also a bunch of many places so we'll look at the new ones here. That's up next. This is Bloomberg PERSON . When US GPE inflation numbers are released. Terminal speed. Analysis. Over the past few weeks DATE has made it clear. It wants to go higher. It got a little spooked by the idea that due political potentials are rising. Hey it's the time of the week DATE where we focusing on Yeah Southeast Asia LOC here's a look at markets there it has been a challenging time of course in Fundraising does remain strong though Yvonne PERSON for the region. Yeah I certainly hasn't when it comes to Southeast Asia LOC I just take a look at the numbers that global private capital association has been crunching up and basically we have seen investment in Southeast Asia LOC rise 39% PERCENT in the first half of this year DATE and that's one of the highest Or your figures second only to Latin America LOC on the flip side that you do see China GPE as well you're on your change down close to 40% PERCENT this is all this and more okay Ambrose CEO and board member of the global private capital association Kate PERSON thanks so much for joining us why do you think private capital can actually thrive in Southeast Asia LOC what's really driving these Well, I mean, I just sharpened the the starting place. There's extraordinary global liquidity in the world today DATE . I mean, they're over one. 30 billion was raised for private capital strategies around the world and in 2021 DATE . It's a lot of money to put to work and Southeast Asia LOC has been rising as a destination Global investors big private equity firms opening offices and expanding their presence in Southeast Asia LOC as well as a thriving local ecosystem driven by Singapore GPE 's You know Paul PERSON is and and push to become a global financial center and and roll the government with a number of programs there. So so we definitely seen rising interest as you indicated in the numbers.

And push to become a global financial center and and roll the government with a number of programs there. So so we definitely seen rising interest as you indicated in the numbers It's been interesting to see what's happening in 2022 DATE with a slow down in China GPE Some of the more developed markets for venture and and private equity but actually a very significant increase in Southeast Asia LOC that and that period You mentioned about maybe some more funds turning to Southeast Asia LOC . I wonder are we seeing more of these kind of private market funds? Really kind of leaning towards this region or or do you think it's just Investors that are just basically writing bigger checks now. Don't y'all are industries definitely built around you know both big global players, general Atlantic GPE , KKR ORG , Warper Pinkus PERSON , we've all had offices in Singapore GPE for some time and it been extending investments Singapore GPE in June DATE and met with about a half a dozen CARDINAL new venture managers that have been active over the course the last couple of years DATE and it almost all been seat Bye. Then you've got to run GIC ORG also is an active industrial second ORDINAL particular and seating local fund and really building the local ecosystem Disability that Singapore GPE provides in terms of that you know that the stability that political system is something that's very attractive to global investors they're looking for certain DM markets there was a period of time China GPE had a certain kind of certainty that seemed to work and was obviously an enormous market. I think today DATE by comparison what you see in Singapore GPE is is very attractive to global investors setting up offices there. We actually opened our own office and Singapore GPE and have a Before there because we noticed that almost half CARDINAL of our member firms had offices in Singapore GPE . Now okay talk to us then about we had a guest last week DATE and you know we were talking about private market valuations and well at least in in their view last week DATE that we haven't seen or yet to see our we don't know if it's gonna come down around as far as valuation so What are you seeing as far as you and I guess some of your members Yeah. Arguably quite inflated there was a lot of room to take some hot air out of out of those valuations Typically in markets like Asia LOC and in in Margaret PERSON 's like India GPE or Latin America LOC less of China Southeast Asia LOC they're just much more it's much more difficult or start up to raise capital in the first ORDINAL place that's much more difficult there As much money available and so evaluations were typically not as outside to begin with. Typically, entrepreneurs and adventure space have to do more with less. They are not used to having access to you know, these enormous rounds with really high valuations and so there's just a greater discipline. They're not so much. I'm Listing now Earlier stage startups that have a really attractive growth rejectory over the course of the next 510 DATE , 20 Now, kid, I wanna bring in the China GPE part to the equation, not so much to look at. China GPE , but certainly given the weakness in the economy there and the recovery obviously that's, you know, taking a little bit more time than expected How much do you think Of the weakness in China GPE is actually benefited You know just interested in the tension and just general focus on Southeast Asia LOC . Well, of course, so much of the money that is going into Southeast Asia LOC actually comes from China GPE and the first ORDINAL place, ¢10 are Other Big Chinese NORP corporate tech companies were already expanding into Southeast Asia LOC and participating around investment rounds three, 4 years ago DATE . So, the Chinese NORP money has been very relevant in that in that part of the world. That said, Now, there is this concern particularly from US GPE institutional investors. I think there is

And very relevant in that in that part of the world. That said, Now there is this concern particularly from US GPE institutional investors. I think there is a concern around China GPE . There's no question that there is at best that's called a pause on committing new capital to only the best Chinese NORP managers only the safest hands are gonna be trusted today DATE for for investing into China GPE and so there's an India GPE has been a big benefactor of that trend. We definitely seems significant towards towards India GPE as one CARDINAL large economy where the young demographics over one 1 billion QUANTITY population because scales are so important for our industry but Southeast Asia LOC has also really been benefiting that as well with again a Chinese NORP money going in. Again, I was saying, I was in Singapore GPE in June DATE and the number of individual high network, individuals, Chinese NORP family offices, Chinese NORP corporates, and Chinese NORP funds expanding into Southeast Asia LOC was really dramatic. I just mentioned this last piece Sequoia ORG raised an 850 1 billion MONEY Southeast Asia Fund just earlier this year DATE drove a record two. 6 billion for for fundraising for Southeast Asian NORP the first half of this year DATE and and that was you know again a vote on a team basically coming out of China GPE expanding it to Southeast Asian NORP perhaps square Okay, thanks so much for your insights. Great research there, Kate Ambrose PERSON from the Google Product Capital Association ORG . We got plenty more ahead. This is Bloom NORP When US GPE jobs numbers are released Power pivot. Not with numbers like hey Push PERSON back. Wrong. We've had sort of a shift in are we in some sort of People are talking about that all day DATE yesterday DATE . Alright here your FX ORG movers here today DATE a dollar bit firmer here this morning TIME we are still seeing some strike across the Japanese NORP currency though 133 for dollar yen MONEY and the Aussie seeing a bit of downside here the Thai NORP bot certainly is a story today DATE given the weakness we've seen also Hey Yvonne PERSON thank you bluescope steel has report Line full of profit of one CARDINAL . 9 billion US dollars MONEY even the average analyst estimate revenue of 13 CARDINAL and a half one 1 billion CARDINAL was up 48% PERCENT on the year Luscope PERSON saw continued strong demand for steel products despite recent volatility the board approved of my back increase of up to 250 CARDINAL Over the next 12 months DATE . So your uncle was supposed to the biggest quarterly DATE popular that I need us to company anywhere net income rose to $ 48 MONEY . 4 billion CARDINAL in the second quarter DATE of from 25 and a half DATE one 1 billion a year earlier DATE see you I'm in Nassau GPE says the company expects oil demand to continue

Come rose to $ 48 MONEY . 4 billion CARDINAL in the second quarter of DATE 25 and a half DATE one 1 billion a year earlier DATE . The company expects oil demand to continue growing for the rest of the decade DATE . Hi cool prices and production. Chinese NORP developer a long four CARDINAL group who said to be receiving a 447 1 million dollars MONEY syndicated loan which would potentially alleviate market concern about its liquidity. That's always says the company has reached an agreement to sign a contract for the loan with state owned and foreign banks as early as this week DATE and there's your latest Bloomberg PERSON business last headlines. Yeah speaking of long four CARDINAL we have been longing for any tangible and obvious signs of a turn around in this Chinese NORP economy and certainly we were hoping that this data was data said was it Yvonne PERSON and no we didn't really get it and certainly markets are reacting to all this data and also what the PBOC did Yeah, it's interesting, right? We were thinking that there was gonna be a rebalance or a look a little bit better but then again, yeah, as Helen Chow LOC did mention from Bank of America ORG , that 10 CARDINAL basis point policy cut. Just showing that they care but does it really do much Boosting household consumption landing the light here unlikely it seems but certainly the bad news here adding to a lot more of the headlines that we're seeing across these markets see aside 300 CARDINAL still in the red the rest of the region though still looking pretty good here you see that okay up some one% Dave Yeah PERSON and all ahead of some key opens I think Thailand GPE opens up the next hour TIME I think India GPE is closed it's a GDP numbers out there when you wanna pay attention to is that rally in the Chinese NORP bod markets ages up a quarter one% today Hey, guys. Is the chance of humankind to really understand itself How much of that is true how confident did you actually overachieve did you you know back then realize that we would be using AI in many different jobs was it slower or faster than you thought at the time Think if I had a But I would have predicted steady linear increase over time but instead the field had Trajectory to this day we still know very little about how the brain works but this machines are getting ever more powerful I feel in some sense we did end up learning Then now we can rule out many many things because AI or machine learning has Key aspects of human intelligence. Is it possible the industries in an hour TIME ?

Is it possible the industries in an arms race that will Lead to spending itself into an over supply. I mean, that has happened before We we we've looked at this very carefully and yo, the digitalization of everything. Tell me what aspect of your life Emily isn't becoming more digital. To prevent that but yes. Has accelerated that. The industry cost 500 1 billion dollars MONEY last year DATE . The semi-conductor industry overall and estimate are a one 1 trillion dollars MONEY . A doubling by the end of the decade DATE . At that point, I believe those estimates. It's not that there Gonna be some blitz and turns on the way and the majority of that is driven by Process technology of which only three CARDINAL companies can satisfy that need. Welcome to the world of decentralized finance Bloomberg PERSON 's covering all things crypto but people the transactions and the technology Bloomberg PERSON crypto Tuesdays DATE It's a really reminder isn't it just how sensitive the markets are to any commentary about trade we did see some pressure on the UN ORG we did see some pressure on the future that is now being reverse It's almost 11 AM in six CARDINAL point Shanghai GPE . Welcome to Bloomberg Market Asia LOC . I'm Hus Linda PERSON . I'm in. And I mean if I met in Hong Kong GPE here are top stories trying to recovery unexpectedly weakening in July DATE as fresh COVID outbreaks way on consumer and business spending the gloomy picture prompting the PBOC to deliver a surprise interest rate cut Is 2022 DATE losses plus Saudi Aramco ORG post the biggest quarterly DATE adjustive profit any listed company driven by higher group prices and production. Well, talk about volatility vaughn especially for Chinese NORP stocks on the back of that data, dumb, disappointing, especially for retail sales that backs the question. How will it look for the Chinese NORP economy in the second half of the year DATE ? It's gonna be tough. That also explains why we saw the moves on the PBOC Cutting the 1 year DATE MLF ORG also that 7 day DATE rivers repo rate possibly to help booze growth contain inflation take a look Turn it up 10th ORDINAL of one% ORG GDP back to pre COVID levels though and we're still less than anticipated. Come on space. We're keeping a track on crude oil, red crude, currently down about one% ORG . Of course, that demand from China GPE will play into the mix there and in the barn market, we have heels falling This one in time. Yeah Chinese 10 year EVENT yields as you see there with that bright green find some six CARDINAL basis points and more really goes to show where this whole slowdown story people are starting to pricing here this mackerel reality that we're seeing that perhaps this Chinese NORP recovery is gonna be pretty pretty choppy given what we saw with that July DATE Did I take a look when it comes to Thailand GPE though that just opening up that market just slightly lower we did get those miss when it comes to those GDP figures four CARDINAL Thailand GPE a Thai NORP bot is weakening on the back of that data but nevertheless it is still one of the best performing regional currencies here the Thai NORP bot given what we've been seeing when it comes to tourism there narrowing the deficit Current account deficit falling oil prices. So, the Thai NORP bot maybe what people just putting some profits off the table at least for now. Indian NORP markets are closed if the future's those punching a bit higher though and the rest of MSAP GPE were slightly higher here with a quarter

Just playing some profits off the table at least for now. Indian NORP markets are closed. They've the futures those punching a bit higher though and the rest of MSAP GPE were slightly higher here with of course Hong Kong GPE , China GPE , the exception though, and it's because of this. This data as Anza ORG call it alarming. If you see how retail sales played out, two CARDINAL . Seven% Well we are expecting close to five% gains when it comes to consumption stories. Basically across the board. This was a miss. Let's bring in our chief with Asia LOC correspondence even angle. In Hong Kong GPE with How markets are really digesting this news David and it's Steve PERSON I should say end this data. Yeah, absolutely. I mean, across the board, it did not look very pretty but we were kind of This because of the momentum in the Chinese NORP economy was expected to kind of peter off a bit after that pent up demand really drove some June DATE numbers and also some export managers at some companies across China GPE that News had surveyed had kinda indicated that export demand I was starting to Peter off a bit so we didn't expect it quite to be so bad on the retail sales front that shows domestic demand also is weak let's bring up the snapshot so we can see the actual number versus the estimate and use you can see most of Miss the estimates quite handly actually for the July DATE industrial production Seeing at three CARDINAL . Eight% ORG was the actual number. So factory output growth momentum. Starting to slow a bit. Retail sales quite a big miss at two CARDINAL . Seven%. We are expecting four CARDINAL . Nine CARDINAL . Fix acid urban investment. Also missed that's being bullied though by Stimulus ORG coming from the government in roads railways, bridges, and the like property investment, not surprising, continue to go weaker. Now, some of the other numbers that we've been getting through the the press conference and some of the other data coming from authorities in Beijing GPE that stood out to me. As we head up towards the party congress ORG coming this autumn unemployment rate is very important they like to keep unemployment nationwide at about five and a half percent CARDINAL or below it did come in below at five CARDINAL . Four% the caviato is new or or use between ages 16 to 20 CARDINAL A record high unemployment for youths. We have more than 10 CARDINAL . 7 million CARDINAL new students expected to enter the job market this summer DATE . That also is a record high but we're at 19 CARDINAL . Nine% youth Employment that's a concern for authorities Steve PERSON that rather alarming a data points possibly explain why the PBOC made the rate cuts today DATE on the back of credit data which is the lowest level 2017 DATE on the back of course of that very weak housing data as well so Not looking pretty at all for the second ORDINAL half Yeah none of the economists that serve it by boomberry expected the PBOC to do these rate cuts where we had the 7 day MLF ORG loan raid down cut by 10th ORDINAL of one% ORG also the 7 day DATE reverse Rate ORG cut down to two% ORG from two CARDINAL . One% maybe symbolic adjuster that the authorities do realize they need to stimulate growth because it's a liquidity trap in the making because there's tons of liquidity in the banks but nobody That's what we saw aggregate financing nobody wants to borrow I just say they want to land but aggregate financing and new loans was down but we do have Helen Chow LOC from Bank of America ORG have this to say about the rate cuts. Hey surprise interest record this morning TIME seems to be suggesting policy makers are concerned and they want to make a gesture 10 CARDINAL basis points is almost like not a big deal right it's a small gesture but at least it shows that they care Right so some dire words to from Helen Shaw PERSON Steve I I wonder then you know given what we've been seeing in the consumption story and then what we're seeing in High Naan this is a big tourist place for many sort of local Chinese NORP travelers as well not that they're going through some sort of Good picture when it comes to the consumption recovery there either. No that's right I mean the high non there's a province contributes about oh. Six% to nationwide GDP and oh. Five% of retail sales by

Very there. No, that's right. I mean, there's a province contributes about oh. Six% to nationwide GDP and oh. Five% of retail sales by by comparison of obviously, it's not a Shanghai GPE , it's not a Beijing GPE , it's not Urban area but it does point towards the services sector and in travel and if the risks are seen a quite great in places like Hainon more people will perhaps not travel I mean there's been a lot of anger in high not about being essentially locked up in their hotel For up to a couple of weeks DATE . It started to dissipate right now. But again, we've already seen some protests in the property sector. So, if you have a further Upset in property and in the services sector tied to tourism you're gonna have a further dampening effect so we do need to watch what's happening in Highland GPE people go there to have fun and relax not to be surrounded by hazmat suit And to be confined to their rooms. Steven Ango PERSON , chief North Asia LOC , correspondent, thank you so much for that. Let's get M Science perspective bringing Oxford NORP economics, lead Asia LOC , economist, Sean Fana PERSON , Sean PERSON , good to have you with us Kicked off the third quarter DATE thinking China GPE is off to a better second ORDINAL half CARDINAL yet today DATE 's date I really alarming and we are real sales at two CARDINAL point what two CARDINAL point In real time that's a negative Probably the main concern I have looking at that data is exactly We didn't expect that we'd suddenly see root ourselves you know accelerate sharply we do think that there's gonna be ongoing caution particularly given that we have this dynamic oh COVID so we're saying you know constant testing and like but we didn't think we would be quite as weak as what we're having which is Put a lot of downside risks to the recovery for the second ORDINAL half. How much does that change narrative for Chinese NORP growth right now your own projection for the year DATE is three CARDINAL . Two% already the three CARDINAL number there are you like it to revise a downwards I think I mean we do we've always thought that it's gonna be fairly bump I think I'd share I should make that clear that it is gonna be sort of bumpy growth over the next second half DATE but given these today DATE 's figures I think there's you know a high risk that we're gonna actually have to slice more after we've had that obviously dismal queue two CARDINAL outcome. Sean I have to wonder that what is going to be that silver bullet that the the circuit breaker that this economy needs right now and how can the police makers actually communicate in the way that it doesn't show it's an abrupt policy move? Yeah I'm in that that's exactly it I'm in the uncertainty and just when they're actually going to you know finish or actually change the wording and you know the mass testing around oh That's the key risk. So, you know, we're expecting it is gonna happen in, you know, beginning of next year DATE , first half of next year. But if we keep seeing these sort of kind of lockdowns, not not to the same degrees what we saw was Shanghai GPE . It definitely means that you know, sentiments gonna Name very weak. It becomes a self-sufficient policy. Infrastructure can't, you know, it's gonna do some of the heavy lifting. It will push up growth but it's not, it's gonna be a very lopsided recovery until we can remove this. What about the export boom that we've seen in China GPE that really was probably one CARDINAL of the silver linings and all this is that starting to fade now that we are starting to see the US GPE and in the EU ORG and and growth is deterring there. Yeah I mean absolutely I'm in the exports manufacturing was a key driver behind growth for China GPE except for those sort of tailwinds are fading you know we've got the risks of the recession in the euro zone in the US GPE we've also got Change of advanced economy spending, moving from goods towards services. So these are all external headwinds facing the Chinese NORP economy. So we don't see that it being significant driver of growth going over the next 18 months DATE . The extent of the slowdown in China GPE 's economy that moved by the PBOC today pretty minimal. Yes, absolutely. It's also tough Point NORP in time I mean they've got a couple of sort of other things they're gonna face one they don't want to be seeing you know big deep appreciation or pressure or capital outflows so on their currency the other thing is is that you know you're not getting the demand so consumers you know they're avoiding you know increasing sort of near mortgages and they're like Sentiments probably gonna remain sort of fairly weak outside of those sort of key strategic sectors and climate change so you know it's it's not gonna be providing a significant boost at this point. Yo Azian Sean PERSON has always been kind of that.

So you know it's it's not gonna be providing a significant boost at this point. Yo Ozzy PERSON on Sean has always been kind of that buffer I feel like we've been talking about all this year can this sort of economic momentum continue when when the rest of the world seems to be slowing down now For the industrial production yeah I've been already think that for IVI Southeast Asia Oh LOC , sorry. Sorry, I do apologize. For Southeast Asia LOC . I mean, Southeast Asia LOC does actually have a couple of buffers. So it has been very much export driven. But positively and we've seen this with quite a number of the Q two CARDINAL figures that have come out. Is that we're starting That recovery in terms of domestic demand on the consumption side and you're coming through on the private private sector as well. It's really because we've had those reduction and restrictions with tourism picking up. So, we should actually still be out of, you know, this Change in growth from services from manufacturing to services should provide some support going forward and I've got Sean PERSON it is a big big week DATE for Montre PERSON policy here in Asia LOC RBNZ Philippine it's on a bank Are we expecting 50 from RBNZ ORG and what 15 CARDINAL from the Philippines Bank ORG ? We're actually looking at 50 DATE for both of those. So we're probably gonna get 50 CARDINAL from the New Zealand GPE but I'm in obviously starting to see quite a sort of you know sort of recessionary risk there. So we're would be looking for some sort of more dogish tones out of the statement and the like for the Philippines GPE I think it's quite Christine because if before we had the Q two CARDINAL figures last week DATE I think people were pretty comfortable with a 50 CARDINAL basis rate hike give them the inflation obviously though if we actually look a little bit deeper into those Q two CARDINAL figures you actually saw the consumers are really getting hurt by the home inflation to us that means that they That you probably continue inflation remains a near priority to you know prevent the household budgets being so constrained that we do expect another 50 CARDINAL basis points hikes this week DATE . Oh having to keep up with the fad it is expected to remain aggressive. Economics. Hey Hey how's Linda PERSON ? We'll start with a sign up and China GPE life. They're among group Chinese NORP companies set to deal list from US GPE exchanges five CARDINAL or China GPE 's largest state owned firms in fact. Japan GPE 's economy meanwhile recovered to its pre pandemic size in the second quarter DATE with growth picking up after COVID card Relaxed. Economic output led the growth First ORDINAL quarter GDP was revised to an expansion from the prior contraction. Landed in Taiwan GPE on Sunday DATE for a 2 day DATE visit. They are meeting with Taiwanese NORP President saying when and other lawmakers According to the American Institute ORG in Taiwan GPE discussions include global supply chains and climate change. The trip risks keeping tensions with China GPE high after house speaker Nancy Pelosi's PERSON recent visit to the region. While Anna was saying earlier sign up back in China GPE life insurance among the group of Chinese NORP giants to exit from US GPE exchanges five as I was saying of China GPE 's largest state on firms announced their intention to do this Friday DATE as the start over all its continues about 200 CARDINAL Chinese NORP firms are facing possible deal listing in the US GPE As soon as 2024 CARDINAL unless Beijing GPE grants access to American NORP auditors. Billionaire investor at Rockish has died. He was 62 DATE . He was dubbed India GPE 's war in Buffett PERSON due to his reputation for a long term equity investing and was among the most influential market voices in the nation. Started my shares with a loan of $ 100 MONEY and 1985 DATE and along the way invested in some of India GPE 's most prominent names including its biggest jeweler, Titan GPE , and Airline PERSON startup a Casa Air. Global news 24 Day DATE on air and I'll remember a quick take power burn within more than 2700 CARDINAL journalists and listen more than 120 CARDINAL countries. I'm Bonnie Quin PERSON this is Bloomberg PERSON . Yvonne PERSON . We'll still have this hour TIME Saudi Aramco ORG expects oil demand to grow for the rest of the decade DATE as profit soaring insights from San Francisco Bernstein which is seeing risks in China GPE 's continued COVID curves and sanctions against Russia GPE but up next as well a close look at the currency markets following the PBOC surprise rate Economic data this is Bloomberg PERSON

Can I make data this is Bloomberg PERSON While Tesla ORG 's in the like make for good headlines the reality is that even if every car on the roads today DATE when electric it wouldn't be enough to curb global emissions to avoid catastrophic climate change. Greenhouse gas emissions from transportation account for about 29% PERCENT of total US GPE greenhouse gas emissions. So what about the other 71% PERCENT ? Buildings across America Instead of burning oil and gas to give us the energy and electricity we need we wanna do 100% PERCENT clean energy Vehicle is all electric with no fossil fuels. We wanna do that with our buildings and if we can do it in one CARDINAL building, we can do it in all building And if we do it in all buildings we'll reduce 30% PERCENT of US GPE greenhouse gas emissions. Economic policy symposium Discuss the economic issues and solutions that keep the world's money moving Welcome back to market markets Asia LOC after China GPE 's And focus will it move Again chances are it will despite Race rate 75 CARDINAL basis points and of course rate decisions Out of Philippines GPE and Australian NORP jobs that are coming out on Thursday DATE followed by Japan GPE 's inflation on Friday DATE Vaughn ORG is gonna be a packed pack Yeah, I think the 5 minutes TIME are probably gonna be the biggest one in terms of market moving. The data dumps certainly today DATE out of China GPE is one to watch out for here today DATE on the back of what we saw. The PBOC with that surprise rate cut for that 1 year DATE policy loans. Let's bring in our boomerang intelligence FX ORG and rates, analyst, Steven Chu PERSON , and Saying LOC that China GPE shooting up. Setting lower this was quite a bit of surprise to the market. Yeah I mean like let's talk about the rake itself like we do expect record to happen in the second half of the year now of course we do not expect it to happen this month DATE without China GPE I wanna observe a little Longer. Maybe preferably to see what the fat does next. So, probably September DATE FOMC could be a good window for the PBOC to observe. So, the record today DATE like certainly is probably earlier than we expected. Now, Mark PERSON here could cite the weaker credit data Weekend DATE , the week DATE we're real activity data today DATE . But we think that

The record today DATE like certainly is probably earlier than we expected. Now Market could cite the weaker credit data over the weekend DATE . The weaker real activity data today DATE . But we think that actually that's the trend has been happening over the last few So it's probably not really just about the data but it's it's also because of like looking forward like China GPE has really concerned that the economy will be facing more pressure especially ahead of the party congress ORG in November DATE so they're gonna have to do something So that's why we get the rate cut today DATE Steven PERSON we have the Yuan currently down about four tenths CARDINAL of one person what does it mean for the outlook to the current state? Now interestingly normally the end doesn't react a lot to policy monetary policy decision but then just so happen right now that you are under pressure even before the rate get now we know that you're intense job Suddenly week DATE in the third quarter the year DATE because of David and Alflow and of course over the last 1 or 2 week DATE we have uncertainties over the cause strat even though now that's not a major watch from the market it's still a big risk for the market so so mark it would be concerned about that's gonna block further especially we saw more US GPE Officials visiting Taiwan GPE . So that's gonna be one CARDINAL risk premium that's priced in the event. No hands now with the record going on being unexpected. The UN ORG will be under pressure especially we'll under perform somewhat the Asian NORP currencies for now. What about her bonds though? I think just last week we were talking about this quarterly DATE monetary report from the PBOC. They were talking a little bit more hawkish and and worried about structural inflation. So people were probably a bit more cautious of bonds now. And then now you're seeing yields heading by six CARDINAL spaces points I wonder is this is just a short squeeze how long could it last? Yeah I'm very interested that you mentioned about the coil report which state explicitly that they don't wanna splash the market with money they wanna preserve wanna trip plus a room and that's also the stance and in the recent rhetoric in order statements in official speeches so hence nobody expect them to cut this But it happens. Meaning that the data could be even more uglier than what we see right now. So going forward more pressure. So for rates it has to respond. Now words for the level. We think that you may still drop lower. Let's talk about the 10 year DATE CD videos. Which usually evolve around the 1 year DATE MLF ORG . So right now we have 10 CARDINAL pieces on lower for when you MOF ORG at 75 DATE but for 10 years DATE we're at 268 CARDINAL so of course like in the near term we're gonna see even more lower lower space for the 10 year DATE CGBO ORG but whether it can really drop persistently lower depends on where the China GPE cuts again. And we think that China GPE like we wanna observe to see how the latest cut would do to the economy before coming again cuz otherwise it will anchor market expectation that it's you wanna cut very aggressively going forward and that's gonna hurt both the currents in also market expectations Thank you so much for that plenty more ahead as we Disappointing GPE data This is bloom bag. The Indian NORP city of Jamnigar is a money making machine for Asia LOC 's richest man Mukesh Ambani PERSON . His company reliance has the world's biggest oil refinery complex here in the city. Jamnagar ORG is also wearing bunny is making his newest bet A 10 1 billion dollars MONEY investment in green energy. His ambition is closely aligned with the Indian NORP government's plan to reach net oh emissions by 2070 DATE . But.

Leon dollar investment in green energy. His ambition is closely aligned with the Indian NORP government's plan to reach net oh emissions by 2070 DATE . But Barney PERSON is not alone. India GPE 's second ORDINAL richest man galta madani PERSON has committed 20 1 billion dollars MONEY of investment over the next decade DATE . But India GPE 's massive dependencies on fossil fuels have some environmental applicants questioning the realism answerity of those green ambitions and those of its two CARDINAL biggest billionaires. Why did the biggest names in business choose Bloomberg PERSON ? She's a great question. Great question. Great question. Let's do a quick check of the latest business flash headlines Chinese NORP developer long for group is set to be receiving a 447 1 million dollars MONEY Liquidity Is reach an agreement to sign a contract for the loan with state owned and foreign banks as early as this week Postpone LOC hiring for more senior roles while State ORG Street's pay and employee benefits drop by 15% PERCENT last quarter DATE the plans come as customers with draw assets and stay on the sideline Empire They generated roughly one third CARDINAL of its 205 1 billion dollars MONEY in new home loans last year DATE the strategy shift follows changes in the executive rings and years DATE of costly regulatories scrutiny Sarah PERSON 's phone management has increased his holding so big tax stocks falling a shop rally in recent weeks DATE according to regular filing judges invest Alphabet ORG also added a new 20 1 million dollars MONEY position in Tesla Landropies Start ORG up 2022 DATE . Alright, turn some movers here. We're watching some of these US GPE listed Chinese NORP stocks in particular, the SUEs, now start Friday DATE that they will be deal listing from the US GPE and these are some of the biggest drives that we are seeing on the HSI here this morning TIME . The likes of Chalico GPE , Petro GPE , China GPE , Cydopec GPE , China GPE , life as well, down more than two% ORG or more For some of these stocks as well. A lot of questions of what will come next. What other companies might follow them as well. In terms of movers here or watching the likes of Orient LOC overseas as a downgrade from HSBC ORG , also top gloss, some of these glove makers continue to see some downfall here today DATE . This is Bloomberg PERSON . Watch Bloomberg PERSON surveillance early edition for the news you need when you need it.

Anna Edwards PERSON in London GPE . Australia Central Bank ORG . Can it sustain it's normal at a time when everybody else is facing a very different reality Be ahead of the game. 11:29 AM TIME : in Shanghai GPE take a Chinese NORP market heading into that lunch break right now and certainly we will need a bit of a break here just to digest all we see in the last few hours TIME or so everything from rate cuts to pretty bad data that came out for July DATE activity data while we see retail sales Across the board. We've been going kind of between games and losses here throughout the course of this year DATE as we continue to look at what this means with a third quarter DATE , this whole recovery Which has been choppy to say the least. So, you are seeing when it comes to Shanghai GPE today DATE . Under performing the rest of the region. Still doing pretty decently well though the track next up. So, one% ORG but take a dollar China GPE , 675 91 DATE has. Of course, Chinese NORP stocks in a tailspin. We have Nikki GPE By the way erasing all losses for the year DATE it's GDP back to pre COVID levels even though Lower GPE than expected. Of course, we're tracking the yen, gaining versus the USD renewed speculation. The BOJ ORG may tweak its policy dollar Put the paycheck where we are in terms of commodities, oil, and particular The recent rally in oil prices help sodium Globally $ 48 MONEY . 4 billion Midi's MONEY correspondent Simon Foxman PERSON 's joins us now it was a blockbuster quarter DATE . Yeah really hard to look past that enormous number that was also 90% PERCENT rise year DATE on year DATE in second quarter DATE profits the company just seeing blockbuster returns no it's not Surprising and given we had oil prices at $ 112 MONEY per barrel on average between April and June DATE and given where oils trading today DATE has not necessarily likely to continue into the next quarter DATE but from an investor The biggest question was likely the dividend and we saw shares fall in Saudi NORP trading yesterday DATE . Remember the Saudi NORP market is open on Sunday DATE . Part of this may had may have had to do with the fact that Aramco did not follow the footsteps of other oil companies around the And actually boosted dividend on a percentage basis that dividend ruled therefore remains pretty low against its peers but the Iramco ORG message has always been we get that oil is a cyclical market and therefore we're gonna kinda maintain this fiscal discipline even though we could pay out more to And meanwhile Simon PERSON we are seeing oil prices extend losses in Asia LOC trading so what really are the key drivers moving forward now? Yeah I mean it's certainly the question mark here about demand for the oil market and just the kind of impact that we are seeing from a slow reopening in China GPE you know there are these ongoing question mark

Mark here about demand for the oil market and just the kind of impact that we are seeing from a slow reopening in China GPE . You know, there are these ongoing questions marks about whether or not we Iranian NORP crude back into the market there were some incremental headlines I don't know if we should give them too much credence that there may be some progress on a return to the nuclear deal and therefore we get that oil back into the market Bearish. I think in the long term however there's always this concern about the excess capacity that Saudi Arabia GPE has certainly a ramco didn't really essuage those Yesterday DATE talking about how 12 1 million barrels QUANTITY per day. It's really the limit that Saudi Arabia GPE can produce on a comfortable basis For there are long term plans to kind of ramp up that production and so when you're looking in the long-term, you know, couple months out, the Saudi Arabia GPE clearly limited in the amount it can even contribute to the markets and that's something that may ultimately have some upward pressure if we continue Reduced supply from Russia GPE and the like. It's about thank you Simon Foxman PERSON there are many to a correspondent with the latest on a ram call let's bring a Neil PERSON beverage now senior energy analyst at San Francisco Bernstein ORG and Neil PERSON you take a little more oil prices are we basically have erase all the gains that we have seen since the Russian NORP invasion of Ukraine GPE do you think prices have reached Lure. I think they will reach a floor somewhere around $90 MONEY a barrel what we've seen is the market move back into over supply inventories are building again we've seen that on the back of you know slightly weaker Russian NORP oil production holding up I think far better than anyone expected and also the releases from the strategic patrollium reserves from a number of OECD ORG countries they're really led to this circles of crude on the market right now but what we think is going to happen is that surplus will continue through the Quarter but as we get towards the end of the year DATE into next year DATE I think it's likely we'll see deficits build again in the market and we'll see prices start to take higher again How much more outside are you than anticipating ill Well I think we're still gonna have a run $ 120 MONEY a barrel next year DATE I think as I said for the third quarter DATE we're probably gonna be somewhere around $90 MONEY a barrel eh you know in that range but I can see another one at 100 Doors are barrel next year DATE . I and remember I think the longer term aspects of this market is that you know we haven't seen their demand peak yet. We're still gonna have pretty good demand growth next year DATE . I think as we see increased travel particularly outside of China GPE . But we are witnessing you know under investment in the industry investment levels running Half CARDINAL of where they were in 2014 DATE and so that reluctance really to invest in long-term supply. You know, we'll lead to, you know, a time to markets ahead and and higher prices. I knew we're seeing a search in Nat Gas ORG prices how much are you expecting you know in terms of volumes from gas to oil this winter DATE as a result of Yeah I mean this is another very important part the market at the moment we're seeing L and G prices at $ 50 MONEY in MMB ORG to you gas prices in Europe LOC similar level so that's about $300 MONEY a barrel equivalent you know almost three CARDINAL times the price of crude so we're customer Can switch from natural gas you know into oil you know the incentives you know clearly there now it is limited you know it's song customers Able PERSON to switch into LPG or diesel. And you may be talking about half a one 1 million barrels QUANTITY . It's not an enormous number. Within the context of 100 1 million barrels QUANTITY a day market. But it's certainly is enough to help lift demand. Yeah I was gonna ask you about China GPE given the weekday that we just got you know they they've been pretty silent in the LNG ORG market. We haven't seen a resumption in demand. Given these COVID lockdowns as well. Are you seeing signs that maybe the Chinese NORP consumer can actually rebound substantially in the second half DATE ? No I don't I don't think in the short term the third quarter DATE there's any really encouraging signs on the data that we're seeing you know as you said it

Substantially the second ORDINAL half CARDINAL . No I don't I don't think in the short term the third quarter DATE there's any really encouraging signs on the data that we're seeing you know as you said it's really a shocking set of numbers on the energy front out of China GPE we're seeing you know negative Demand receiving oil demand that's effectively anemic no growth at all this year DATE and it's you know primarily as a result of the COVID policies you know that we're we're seeing you're trying to still in a persistent state of of lockdown You know, as we get into the fourth quarter DATE and hopefully into 2023 CARDINAL , we expect those pulses, you know, will start to lift forever, you know, which will trigger, I think, it'll resume growth in China GPE 's natural gas and oil demand. But we're still probably another quarter DATE away from that really starting to accelerate. Hmm so so where do you think Ella G PERSON and and Cole PRODUCT prices in Asia LOC are gonna go this winter can we see record high prices that new Well we're already seeing you know incredibly high prices you know as we come into this winter Challenges PERSON on the supply side. There's really no easy fixes. You know, there's not going to be any significant incremental LNG ORG supply that comes on the market. You know, between now and and, and, and really the end of the year DATE or even, you know, next year DATE . And so we're in this position, we're really Europe LOC is competing with Asia LOC for any Ball you're allergy core girls it won't is effectively as you were some game which is really pushing prices to these very high levels and what we're seeing in Asia LOC some customers saying look you know these prices are too high we're gonna swap out of gas into coal and brutally in the in the in the power And that's obviously leading to to higher you know cool prices is isn't is a knock on but I think you know we're facing a very very tight winter ahead with prices remaining very high. You took about a tide winter ahead Neil PERSON how long do you think the supply energy crime to well lost Well, thank you. It is dependent on a few things. You're, first ORDINAL of all, I think how events on the ground play out in in Russia GPE . I mean, we think the conflict will will will continue you know, for Time ORG . I think on the supply side you know we're not going to see a significant optic in terms of new LNG ORG supply probably until 2024 DATE or 2025 DATE . So I think you know we should expect high prices Not just through this winter DATE but also into 2023 CARDINAL with really you know the supply relief coming I think in 23 four 2025 DATE of course if the conflict ends then you know we could see things change but I think you know we're looking at a pretty tight gas It for the next 18 months DATE . Neil ORG , thanks so much for joining us. Neil Beverage PERSON , our San Francisco GPE Bernstein joining us from Hong Kong GPE . Coming up. Tell me about what cryptos in this rebound. It's really momentum from that cool and expected US GPE inflation data, your progress when it comes to Ethereum PERSON 's big upgrade that really is feeling a rally across crypto here with an update coming up This is Bloomberg PERSON . Economic policy symposium Discuss the economic issues and solutions that keep the world's money moving

Only on Bloomberg GPE television and radio Bloomberg PERSON crypto Asia Headlines GPE . China GPE 's economic recovery unexpectedly weekend in July DATE has fresh COVID outbreaks across the country weighed on consumer and business spending. Industrial production rose three CARDINAL . Eight% ORG from a year ago DATE . Lower than June DATE 's game and below economist forecasts of a four CARDINAL . Three% GPE increase Retail sales grew at a slower than expected pace of two CARDINAL . Seven% while fixed as that investment also gained less than forecast Earlier China Central Bank ORG took the surprise step of cutting a key policy interest rate for the first ORDINAL time since January DATE as it rams up support for an economy struggling to recover the 1 year DATE MLF ORG lending rate was reduced to two and three quarters DATE per sand from 2:85% PERCENT . The PBOC also cut it 7 days DATE Liquidity from the Viking system. The chair of the US House Intelligence Committee ORG Adam Schiff PERSON says he hasn't seen any evidence that materials the FBI ORG seized from Donald Trump's PERSON home were properly decasified Trump ORG said Friday DATE that everything taken was decalified or covered by executive and attorney client privilege chefs says that argument is absurd and he's asked Intelligence ORG to provide a damage assessment of the seniors records. Tributes are pouring in from Wall St and beyond for Auntie Jane PERSON the count of eight CARDINAL oh president and former the way to bank co CEO Jane PERSON 's death the age of 59 DATE was announced on Saturday DATE after a 5 year DATE battley had with cancer it has been credited with building Doyban ORG 's investment banking business and turning the German NORP lender Global PERSON trading powerhouse. Global news 24 hours TIME a day on air and I'll remember a quick take power down more than 2700 CARDINAL journalists and analysts more than 120 CARDINAL countries in Bonnie Quinn PERSON this is Bloomberg Let's PERSON send a cryptocurrency crypto prices are showing signs of recovery and big money investors are again batting bake on digital currencys let's bring in Bloom Banks PERSON join out 2000 DATE how convincing is this rally crypto winter DATE no more. Well kind of has Linda Crypto PERSON is such a momentum asset and it is it encouraging for bulls the very least that it's down it's off of those lows around 19 1000 back up at 25 1000 CARDINAL some people have said there will be a lot of resistance around 25 Last week DATE that were cooler than expected. There might be some optimism here. Signed investors are putting on more risk but it's in Investors are standing pet Possibly although we're starting to see dodge ORG coin and Shiba Inu ORG for instance have made big gains in the past couple of days DATE and that might be some retail getting into the mix as well but as you say institutional investors do appear to be getting in a lot of the ones that went in were pretty comfortable with the volatility saying, okay, we, you know, we're good with something in the say 15 to 25 CARDINAL And dollar range. So, yes, we're seeing more on chain activity from some big players. We've been talking about this Ethereum PERSON 's big upgrade. How much of that has already been facted into the prices that were seen right now? There has been a lot factored in and there could even be a sell the news kind of sell off after it's done it's supposed to be around September 15 DATE at this point but it also takes a lot of uncertainty Out of that market and so we've seen some optimism and there are people who think that we could still see more as we get into that and as we wait await the next inflation prints for instance. And of course regulation is in play. We have the Of the authority of Singapore GPE reviewing I guess the rule of cryptocurrency is in the financial system. I mean, what are we hearing? What are we expecting?

Like serve the authority of Singapore GPE reviewing I guess the rule of cryptocurrency's in the financial system I mean what are we hearing what are we expecting how might this play out in in in in the market Well, it's kind of there are two CARDINAL things you can say about it. One CARDINAL institutions, bigger players really do feel comfortable with more regulation because they want the clarity of it. You also still see the people say the more libertarian, you know, crypto back to its roots, people who Love WORK_OF_ART that as much but in general it seems to be hoping the market to get a little bit more certainty from those regulatory players. Beware volatility blue bags do I know there. Thank you. Plenty more ahead. Keep it here with us. This is The difference between endless research and a winning strategy Bloomberg Law PERSON combines the latest in AI GPE powered tools and in-depth analysis. To accelerate the research process. To grow your practice and make better use of your valuable time. The difference is Law Oh the much more line 60 40 CARDINAL portfolio 60 40 QUANTITY you know a portfolio or generally speaking for most investors would make sense because We'll make a campaign. We need to give it some more time. There may be better ways to go than 60 40 but I think it's a base case. It's still next lot of sense. Close to CARDINAL five or 10. I actually think they're increasing it pretty dramatically at the moment is is they're looking for Going outside into other real assets, real estate, private equity, private credit, can can be a healthy addition to the portfolio and really help diversify your return because 60 40 DATE as I mentioned has been a challenging portfolio construction exploited half CARDINAL . Alright that was our MY post question of course that we've been asking all of our guests here. The 60 40 DATE portfolio is it really dead? So it seems like it's overwhelmingly people say look it possibly is still viable has right the 63% PERCENT still say yes Surely you're gonna see these correlations reserve yourself once again where you know if if negative correlations maybe but We've seen the the first ORDINAL part of this year DATE or so I mean you basically have seen those move in tandem right and you can actually perform above inflation right and this is what people were saying You know they're saying it's viable you gotta just wait wait this out but then you know when it comes to what the alternatives are there's a lot of questions on what really you can replace bonds with too. Well Jerry PERSON 's still out right you talk about whether it can perform a barb inflation right now yes inflation at eight and a half percent DATE so Vaughn ORG if you want What would you replace it with? I mean, if you take a look at those, we spoke with they say real estate is a good bat Agriculture commodities

With I mean if you take a look at those we spoke with they say real estate is a good bat 32 CARDINAL Agriculture commodities. We'll talk about how food prices have been surging and expect to surge. I had 21% PERCENT say that's a place to be as well and gold at 14% PERCENT well we don't quite know we that's always the view out there that cold Can't really outperform inflation and crypto we know how that how volatile the crypto space has been so six% NORP still maintaining that Place to be but as it stands right now Is it if you ask me But I'll go with that real estate as well. Now, let's do a quick check of the latest business flush headlines. Chinese NORP developer, long for group is said to be receiving a 447 1 million dollars MONEY syndicate loan which would As this week DATE Outside FAC mortgage farms New home loans last year DATE . Scrutiny McCarthy Cash PERSON flow positive again Underlying fully One 1 billion MONEY was up 48% PERCENT on year DATE the border proved a buyback increase of up to 300 CARDINAL One 1 million US dollars MONEY over the next 12 months DATE . Right and those blue scope still shares were jumping or having jumping in Sydney GPE after those results early we did speak with the managing director and CEO Mark Vasella PERSON about that profit B and expanding that sure buyback We're certainly wear forecasting the outlook for the first half of the second year DATE to be not at the levels we're at and that's largely driven by pricing so what Over the last 12 months DATE with hot roll cool prizes almost reaching 2000 US dollars MONEY a ton was an extraordinary level of pricing that's a level of pricing Requiring at the state WORK_OF_ART that level we were certainly in a position to take advantage of that pricings now back around 800 US dollars MONEY a ton that's still a very healthy price in terms of the long run average which is more like $600 MONEY a ton so we've guided On eight CARDINAL to 900 1 million dollars MONEY eBit ORG for the first half DATE of the new financial year DATE which in historical terms if you weren't looking at it immediately after the record result we Blue scope. And mark your guidance as far as cash flow is concerned given the catfish that you have announced in your in your press release here. Tell us a little bit more about, you know, the seeds you're planting for the future. Yeah it's very good question I mean we think we think about certainly the cash regenerated this year DATE $ one MONEY . 7 billion CARDINAL on the back of those very high prices as I mentioned earlier We think carefully about how we allocate our capital our cash so we have a range of capital projects that we're focused on the blast furnace reline and new metal coating line in Australia GPE we made an acqui In the US GPE just before the close of the financial year DATE for a coding business and of course the money that we spend on on the expansion of our North Star LOC facility our mini mill in North America LOC so we think Carefully PRODUCT about that profile of projects that we have internally this money that's required to be spent for us to continue to decarbonize our business and meet the ever increasing targets around greenhouse gas emissions and then we also think about the cash that we In terms of returns to shareholders in our board have enough confidence in in the business model in the outlook that we've announced to

Shareholders and our board have enough confidence in in the business model and the outlook that we've announced ¢25 Final ORG dividend and also on up to QUANTITY 500 1 million dollars MONEY buyback so we're very mindful of what's happening in the market internal opportunities but also returns to shareholders Mark PERSON I know you don't have really a big sort of exposure to the Chinese NORP economy General sort of rule but certainly what happens there affects certainly the industry based on Seniors for the weakness in the economy. Where do you think that puts the outlook for the entire industry? Oh China GPE has AA significant impact in terms of the Asian NORP markets in particular so we watch that very closely I think the signals that have come out of China GPE in the last few years DATE around their challenge to meet Carp ORG decarbonization reducing them out of Sports GPE rather than bringing in high cost imports and then selling product is low cost exports I think that's been fundamentally For the steel industry in the Asian NORP region. So, we watch that data quite closely. No, that was a blue scope steel MD GPE and CEO Mark Visella PERSON . They're speaking with me and Dave PERSON . If you take a look how iron or commodities are going here, they're really are reacting to that data done that we got out of China GPE which was nonetheless Basically week you take a look at what we've seen on iron oral prices down close to two% ORG in Singapore GPE here right now we take a look at the nation still makers they turned out about 81 1 million tons QUANTITY of the alloy last month DATE that's down more than six% from a year ago DATE has. And of course the border market center of an impacted by that data that I'm out of China Asian NORP stocks pairing canes erasing losses for the year DATE though that is it from Bloomberg Mark So now you've been a JP Morgan PERSON for about 25 years DATE . Yes. Okay. So and now you run one of the most important cards of JP Morgan ORG which is I say is the asset and wealth management business. What actually is wealth management and how is that different than asset management? Great question The two CARDINAL are often used interchangeably but Have distinctions asset management business is where we manage money on behalf of Institutions sovereign wealth funds pension funds we manage them in mutual funds we manage them in ETFs we manage them in single stock single bonds Hedge funds private equity and the lake and that is the heart of the fiduciary business that we run here at J. P. Morgan PERSON . Wealth management is that plus Standing someone's entire balance sheet. So, for the individuals where we manage money, we also help them with their mortgage. We help them with a loan that they might need. We help them with their basic credit card and so wealth management is trying to help someone with their entire life both their assets and their liabilities, their planning, their The legacy that they want to leave for their families the 529 CARDINAL plans they need to prepare to get their kids to go through college and it's a great it's a great insight into people

To get their kids to go through college and it's a great, it's a great insight into people's, you know, entire journey. I've always been a person who's just been attracted to hair I like to sit and think and theorize how I can manifest these visions that I have for braiding and how I can take something that Macy ORG Like it's a line drawing in my mind and apply that to someone's scalp We are the only culture that has here that grows out of our head the way that it does Anyone from the African NORP diaspora is born with this amazingly curly hair that can be shaped into a variety of different ways of expression I want black people to love themselves for how they naturally appear and also to appreciate the cultural practices such as writing that our ancestors have practice For centuries DATE . It's a great question. Great question. It's gonna be the best question I get all night TIME . China GPE 's economic recovery unexpectedly weekends as fresh virus outbreaks way on spending meanwhile the PBOC surprises with a cut to key interest rates as it ramps up to support. Japan GPE 's economy recovers to its creep pandemic signs following the end of COVID curves on businesses will have the details Yet again in September DATE . 8 AM TIME . What is happening in China GPE as well just in terms of some of the cloudiness and lack of clarity that exists in markets. We had economic data that shows that there's still quite a struggle going on in terms of a lack of momentum in China GPE . This is the state of play and treasureries on the Monday DATE morning TIME . You're seeing the yield Remaining deeply inverted. We have defendants at minutes TIME and speakers that may shed light on whether the power pivot was a figment of the market's imagination, head shruncing, net sellers on the week DATE with the most aggressive selling seen in 10 years DATE specifically. I wanna get to a story around Saudi NORP Prince Walite Bentalal. One CARDINAL of the most high profile Investors, one CARDINAL of the countries richest man you want to call themselves the oracle of Omaha GPE 's Arabian NORP equivalent. This one of the most red stories and it's about him making a 500 1 billion dollars MONEY bet on Russian LANGUAGE . It happened In February DATE there's no Isn't by gas prompt And and the value of those receipts dropped sharply of course after February 24 DATE kingdom holding stock here to date in a broadly positive market struggling for direction down six% Latest ORG news Let's talk about the injury that has been afflicted to risk in the very first ORDINAL instance this morning TIME . This is about the quantum of misery from the Chinese NORP data which we will go through in more detail. Back to the little bit of a Since November DATE tapped on by a quarter CARDINAL of one% bank of America saw

Since November DATE tech time by quarter CARDINAL of one% bank of America ORG saw 11 Dollars MONEY for a winter DATE US GPE stocks the biggest inflow in 8 weeks DATE for Dennis Gartman PERSON warns this is a burr market walley and for him he or she who loses the least will be the winner Michael Burry PERSON has been bang bang bang on Twitter PERSON this morning TIME this is the relief rally that you've seen the Bear Market ORG rally Nasdaq By 20% PERCENT from its lows up 50% PERCENT since his January DATE lows but Michael Berry PERSON is banging the drum he's seen these 50% PERCENT retracements before and then an implosion that followed to some pressing warnings from Michael Barry PERSON to the oil Chinese date of the darkening China GPE outlook to the little bit of wind out of the oil market sale this morning again you've seen Opec and the I and the EIA ORG dying grading are all brought to Falls PERSON back ever so slightly but again Iran GPE could be open to doing a nuclear deal that's the latest line from Vienna GPE If they receive guarantees on sanctions. So the oil market fading the risk move. Let's get to Jews. She brings in the data in terms of how it's plundered across the Asian NORP markets. Jewels, good morning TIME . Hey, man. See, I certainly off the highs of the day on that disappointing a data dump from China GPE but you've still got regional stocks For a fourth ORDINAL session and we are holding at a 2 month DATE high very much led by our games that we are seeing in Japan GPE which I'll get to in a moment you're seeing a bit of a flat move on CSI ORG 300 but sentiment has been boosted by the fact that you had the PBOC give this surprise rate cut to that 1 year DATE MLF ORG and also to the 7 day DATE reverse repo from two CARDINAL . One to two% ORG and it was a 10 CARDINAL basis point cut on the 1 year DATE MLF ORG which basically nobody in the market was expecting but certainly Perhaps warranted as you are starting to see this weakness in the Chinese NORP economy we are seeing that data dealt weakness really weighing on the Aussie it is trending lower as is the one off by about four CARDINAL tenths of one% ORG against the Greenback PERSON let's have a look though what we are In Japan GPE the NK 225 on track tour race it's 2022 DATE loss that is here the Nikki GPE is the blue line the white line is the Tokyo Stock Exchange ORG or the topics index so both of those out performing what we are seeing in the MSI Asia Pacific LOC Index which is 15% PERCENT this year DATE and the all world index still down some 12% PERCENT of course helped out by a week yen the stimulus from the bank of Japan GPE and we also had a pretty good read on the Japanese NORP economy in terms of second quarter DATE GDP so they are now back to pre-pandic levels for that economy really driven by the consumer out there spending Jill PERSON thank you very much Julie PERSON it's only wrapping up at the tail risk from the data dump let's get a little bit more on that data from China GPE that we had earlier Steven Steven Engle PERSON is standing by in Hong Kong GPE so I I mean there's some rich language used this morning the darkening China GPE outlook Just how dark was the trifecta of data that we had Stephen? Yeah, Raymond Young PERSON at Ian's Ed Banking PERSON . He says, the data was alarming and if you look at it on the surface of things, manus. Look at how many different misses we got for the July DATE data. Industrial Production, miss, retail sales, big miss, fixed assets, urban Even though we've had a lot of stimulus a miss property investment miss new home prices a miss jobless rate stayed relative relatively stable just down a little bit five. Four% but then also in the sub day DATE that we saw that youth Unemployment. Those between 16 to 24 years of age DATE rose to 20% PERCENT . That is a record high and we have a record number of more than 10 1 million QUANTITY new college graduates hitting the job market and the prospects are not looking so good for the youth unemployment rate. So, these are all concerns as we Towards the party congress ORG later this year DATE for season ping and social stability and I haven't even mentioned property really a property is at the backdrop and the retail sales really also the weakness there indicating that the Chinese NORP consumer is not feeling the confidence and those industrial External demand is not necessarily keeping pace with what we saw.

In the confidence and those industrial production numbers where we showing that external demand is not necessarily keeping pace with what we saw a month ago DATE in June DATE when there was pent up demand and a lot of export orders came or exports came out of the factories and onto Because of those Shanghai GPE lockdowns that recovery didn't last long. Truly, I'm watering numbers. Stephen, thank you for the analysis that says Steven Engel PERSON in Hong Kong GPE . Recovered on its Let's get more with our China AJ ORG economic correspondent and the current so and I mean how does it stack up with what condiments we're expecting? Look the economy certainly got back where it was before the pandemic in the second quarter DATE . It's back it around four. 10 billion worth eh in size now Yusuf EVENT . It grew two CARDINAL . Two% compared to a year ago DATE . A lot of that Down PERSON to consumption that makes up about half CARDINAL economic activity in Japan GPE consumption grew one. One% capital spending by companies also increase that groom point just over one% ORG as well now it all speaks to the idea that Japan GPE was coming out of easing period of easing rest From COVID and both consumers and factories were getting up and running again but to your point I think the more forward looking suggestions in Japan GPE 's economy are at the momentum will be hard to keep going What is happening reflecting the price of imported oil I want of course you know the bank of Continues to talk about downside arrests to the economy and continuously support the economy. So You look the reading in second quarter DATE was somewhat positive as I say gets the economy back where it was before the pandemic forest hit but a lot of Economics are questioning just how sustainable the moment and we'll be here and they're looking for a slower end of the year for Japan GPE 's economy. Anna thank you very much and to Karen PERSON there I suppose a great deal hinges on on where we go with Dolly Yan PERSON which has been so volatile in the first 8 months of the year DATE thank you very much and just starting a round cup they have posted the biggest quarterly DATE adjusted profit of any listed company ever driven by high group price And production let's get more with our Middle East LOC energy market reporter Anthony Dapala PERSON return from the United States GPE do you know where you are you're back at home I do I do know each other Hey Facebook Whoever went away but let's be quite frank about it. I'm a Nasa ORG must be hailed in the hallways of Saudi Arabia GPE and this is a monster set of numbers. Run us through the big highlights. Yeah, I mean they're the raincoat was gonna kill it this quarter DATE was not a surprise oil prices have been booming and we've seen the previous results Some of the international oil companies that came in with record profits. So, with a ramp goes track record of being, you know, the biggest company in the world at certain points, having the most profitable oil company. It was clear that we're gonna bring in these results and they did a little bit better than the mark was expecting. So, it was a slight beat on the profit, almost doubling it from from last year's DATE period. They really brought it home with of course the high oil prices contributing to that higher income from the oil but also refining. They pointed to refining being a component of the increased profit there as gasoline fuel. All those prices increased more quickly When did the price of oil and we saw huge demand again I mean that's our warning that if jet fuel demand comes back to the way it was before the pandemic we're gonna have problems with restraint capacity on jet fuel on those products Maybe a special dividend or some kind of additional reward foreign investors cuz it's really been reflected in this share price per se. We're already there paying the largest dividend in the world now so they've maintain that. They've said they'll keep that for the coming quarter DATE . Endless we're gonna have an endless call later today TIME they'll probably be asking about some of that they'll probably be asking a lot about the capacity and rampost plans to increase capacity because those are some of the main factors as you saw the dividend on the equity side the capacity aspect on the market side so we'll we'll be looking to get some more information But we haven't heard anything yet about

The capacity aspect on the market side so we'll be looking to get some more information about that but we haven't heard anything yet about any increase in in the dividend and when asked the company is so far said they're gonna be sticking with it like we said it's the biggest World yup so they probably think that's enough we'll also be looking for where that investment is going and one CARDINAL telling point in the statement is that a rampose sees Which isn't hugely bullish and it's kind of in line with some of the more what we would have previously seen as negative oil demand outlooks that we've seen from some of the IOCs. Anthony PERSON , fantastic to have you back. Thank you for stopping by on the set. That is anti the power there. Wanna get you a red headline hitting the Bloomberg PERSON . This is on Wall Headlines as well from around the world Landed in Taiwan GPE on Sunday DATE for a 2 day DATE visit. They're meeting with Tarmony ORG 's president saying when and other lawmakers according to the American Institute ORG the entire one. Discussions include global supply chains and climate change. The trip risks keeping Rusty PERSON is starting to recover after being stabbed at a lecture in New York AP GPE has quoted his agent saying the author is now on the road to recovery rushed to have been removed from eventilator Sunday DATE and is able to talk and joke the author of the satanic versus suffered serious injuries on After being stabbed multiple times shortly after taking the stage. The chair of the US House Intelligence Committee ORG Adam Schiff PERSON says he hasn't seen any evidence that materials the FBI ORG sees from Donald Home PERSON we're probably declassified Trump ORG said Friday DATE that everything taken was declassified or covered by executive and attorney client privilege chef says that argument is absurd and he's asked US GPE intelligence to provide a damage assessment of the seized records. Water levels at a keyway point on the Rand River LOC are expected to be steady at an extremely low level this week DATE as a climate crisis adds to Europe Crunch LOC . Can't transit past the market cub which is west of Frankford when the water level is about 40 cm QUANTITY or below it is currently at about 35 cm QUANTITY the rain is western Europe LOC 's most important river for transport Fuel and other goods And tributes are pouring in from Wall St and beyond for Auntie Jane PERSON they can't talk it's Deutsche Bank Co ORG CEO. That the age of 59 DATE was announced on Saturday DATE after a 5 year DATE battle with cancer he's been credited with building Dorcher Banks investment banking business and turning the German NORP lender into a global trading powerhouse Global news 24 hours TIME a day on air and on Bloomberg PERSON quick tape powered by more than 2700 CARDINAL journalists and adolescence in more than 120 CARDINAL countries this is Bloomberg Yusef PERSON . Thanks Jules PERSON let's get you a bit of a snapshot of what else is still to come on the program sure I have management aren't they such a sucker and joins us to talk strategy individually market and what she makes so of those monster earnings We speak to HSBC ORG 's max PERSON catner about what he thinks of cash in the as an allocation. In this market. This is Bloomberg PERSON . Have you seen from the government in terms of green funding? Has committed to dubbling the amount of investments in so called green technologies. I think we need more than just pronouncements. We need real

Startups Companies in this space. Well I think he's framework is reflective of this challenges that Japan GPE 's society is facing namely that growth has been present but growth has not been a force evenly distributed but Innovative will startups that that can really drive the income growth that the government needs to redistribute Ken Griffin PERSON is moving both Citadel and Citadel Securities to Miami GPE . Asian NORP stocks Hey also sit waiting for the fad minutes later this week DATE to reveal the clues Size ORG of the potential next rate hike max PERSON catner assesses all as the chief multi acid strategist at HSBC Max ORG no pressure on you this week or any given week but if I look at The data that we have this morning TIME . I mean, these darkening clouds of data from China GPE . My question to you is, as you start the week DATE looking at risk in the back quarter DATE . When you see these darkening clouds, does it reset the tone of a quantum of misery just for China GPE or is it something more ominous for the world? Good morning TIME . Good morning Manus. I think it is something more ominous for the world. In fact, when we look at all of ours and global leading indicators. We've got a bit a sort of Leading indicators Manufacturing across housing across the consumer as well and that is really in developed markets and in emerging markets are really more of a global And what that says is that actually what we've seen so far so the leading indicators of the leading indicators Going down really quite sharply and in particular in the last two 3 months DATE But indeed really being something much more broad based both geographically but also crossect this so it But it's not only just a darkening cloud picture perhaps in China GPE but really across the board and across sectors The market's life team has done a lot of work here at Bloomberg PERSON just reaching out to a 1056 DATE investment professionals in their weekly DATE pulse and what they've basically gathered is To 60 40 CARDINAL portfolio approach isn't quite dead yet Basically investors think that this is actually a good way to beat inflation but it's going to be a longer term place that is by a margin of roughly two CARDINAL to one still see this as a viable strategy for delivering returns over What are you telling investors this morning TIME about an approach like this? Is it relevant? Is that what needs to be done? Look I think the the 60 40 DATE bashing has been invoke for for quite some time right? The reality is whenever asking investors or whenever ask anyone okay We're not gonna do 60 40 CARDINAL here we're gonna replace the 40 CARDINAL portion of bonds with something else now give me something that is as liquid and also as big as the bunk market the answers are usually quite thin shall we say so you know in Over the next 10 years DATE perhaps the allocation to commodities should be a bit larger.

Over the next 10 years DATE perhaps the allocation to commodities should be a bit larger rated in order to Inflation On top of that we'll be looking Strategic ass allocation data so we look for example in equity meters equity sensitivities of a typical balance funds or we look at the AAII strategic allocation Over the last 2030 years DATE , on average to equities and bonds. Well, guess what? Where it comes out? Roughly at 60 40 And we know it's much more strategic as the location. So, I never really quite understood why people said, oh, look at 60 40 DATE . Ed PERSON really badly last month DATE . Therefore, we have to It's really a strategic, a long-term ass allocation too like like you've just mentioned. But I must declare actually mad I've already had max PERSON I've already had the letter from from the pension provider apparently I've pivoted to 4060 CARDINAL so that that'll give you a bit of a clue but that leads is very nut Very nicely to all to do the skewer and the risk max PERSON in your life. You say, that buy everything mentality, buy anything backdrop will fade. You're on the way to equities, but then this this place into the into the bomb allocation that you have, you would add to develop market bonds At the end of the year DATE if you're in that scenario Yeah, I think right now, you wanna be more in the value camp and equities, right? So, you wanna be more playing towards the higher yields, very tactically. But once those yield levels More compelling like you said I think that is then the time to add because exactly of what we've talked about in the first ORDINAL segment because of this darkening a global growth outlook right not really being something constraint to one CARDINAL particular geography or to One CARDINAL particular sector, but really much more broad based these days DATE . So, therefore, actually bonds make more sense than equities. Now, what we have seen however is that of course, real rates have declined so much and longer dated real estate have declined so much and that's For everything, right? Whether that today DATE is whether that's growth, whether that's bonds, whether that is the Japanese NORP yen, the Swiss NORP front, gold, bitcoin, you name it, right Buy PERSON anything mentality but that can only go as far As the market expect a good kind of fit pivot and that is what I question my question really the good kind of nature for fit pivot I do believe if we do get a fed privilege It's only gonna be because of That's something you wanna pick up on Max PERSON because I'm looking here at the implied probabilities for what the fed may or may not do come September DATE . Do you think go for our clients? It's looking like a coin toss here on a 75 CARDINAL bit move, 50 CARDINAL , 50 CARDINAL chance at a time when I'm looking at a 50 50 CARDINAL option I reach out to people like Max Ketner PERSON to see which way this is gonna go what's your read? Yeah I think we'll probably head into September DATE with that 50 50 CARDINAL property to to be quite frank right and I don't think we'll get a lot more clarity before the FM Meeting quite frankly because we got the CPI data coming out so shortly Of the FMC ORG meeting and that's probably gonna be the crucial later that the more crucial thing for me is what's gonna happen after September DATE right? So what do we get out of the minutes? What do we get in terms of the future fed ORG path into 2023 DATE ? Two CARDINAL , three CARDINAL , rate cards. So, something I can do what we had 2019 DATE where perhaps you have a tiny a wee bit of recession right? Right. Nothing really serious. Any of two CARDINAL three CARDINAL rate cuts in everything is gonna be swapped higher. And that is that sort of anything rally's mentality that is what I question. That's really important to keep in mind Max PERSON . It's been great reflecting on some of these ideas Max Ketner PERSON . Chief Waltias is trying to just hit HSD. We still got much more to come on this program.

My max PERSON it's been great reflecting on some of these ideas Max Canter PERSON Chief Multi has to try to just take HSBC ORG we still got much more to come on this program but it's just Bloomberg GPE Recently cryptocurrencies have been very popular and if a client came to you and said, look, I'd like some cryptocurrencies in my portfolio. What would you say? Oh, we've actually been really deep into crypto, Into learning about blockchain And all of the new businesses. You know, I would Prizes as Crypto You know we have made a series of toe hold investments on behalf of our clients both in some of the currency baskets as well as with some venture firms that are investing primarily in the computer area. I think it has the potential to be Lately game changing. But it is still Such the wild west and so it's so uncertain but there's it has the potential to completely upend everything. Across the Middle East LOC but in the equity markets we saw a little bit more of a steady picture remember that to We're insurance services as well at some Earnings just before the finish line for the quarter DATE . Look out for Halloween DATE brothers and of course ongoing analysis and reflection on the huge Saudi Aramco NORP delivery. To the commodity markets Yousef PERSON just dopating into the oil market the old market is lower this morning obviously you've got those stunning stellar arm code numbers but crude down at nearly one% ORG in New York GPE iron or dine nearly two% ORG and will lose more altitude if you look at the steel makers producing 81 1 million QUANTITY Of steel this month DATE and that's the smallest number since 2018 DATE . So, you're looking at Doctor all on the back of this 30 poor and alarming. Data according to Max Katner PERSON at HSBC GPE . It's pretty much full service shadow banking with.

It's pretty much full service shadow banking with nobody in charge. Bloomberg PERSON the open with Jonathan Perry PERSON . Bloomberg PERSON cat weekdays DATE on Bloomberg PERSON . Access the financial world on demand. Hear from leading economists Policy makers. And industry experts be alive and on demand webinars. Only from Bloomberg ORG . Start exploring to see what's moving the markets. Visit Bloomberg PERSON . Com webinars Meanwhile the PBOC surprises with a cuts of key interest rates as it ramp Support. Curves on businesses. Post the biggest profit of any listed company ever driven by high crew prices and production. Central Bank ORG we'll go big with tightening it again in September DATE . Let's check back in on those Asian NORP markets Juliet Sally PERSON is putting together the very disappointing Chinese NORP data and a rate cut what is it done for race Jules Hey Matt PERSON I see I was certainly we are off the highs of the day on the regional benchmark index but still firmer for a fourth ORDINAL session certainly that disappointing data dump out of China GPE did see a bit of witness coming through in the Hong Kong GPE Stimulus which was a bit of a surprise that cut to the 1 year DATE MLF ORG taking it down 10 CARDINAL basis points to 275% PERCENT . And also a cut to the reverse repo rate that 7 day DATE rate just slightly to two% ORG from two CARDINAL . One% so that has seen a little bit of I guess support for Risk given that we are expecting to see further stimulus now from Chinese NORP authorities but certainly it's been playing out in the currency market with weakness in the Aussie GPE dollar on the back of that disappointing China GPE data dump and in the offshore you won as well which is up down I should say about Chance of one% against the dollar. But have a look at Japan GPE 's market. They're up by about one% ORG even though we're seeing a stronger yen today DATE as well and this is the market that we are looking out for. The fact that you've had the week DATE yet over 2022 also bank of Japan GPE 's stimulus Now on track that market the K 225 Yusuf two CARDINAL erase it's losses for the year DATE so getting very back to where we saw it mid last year DATE in 2021 DATE the Nikki ORG certainly outperforming today DATE The long road to recovery. In the meantime, analysts are predicting the worst drop in profits for Asia LOC since 2020 DATE . What are some of the highlights? Yeah, absolutely. So, we have seen that the MSCI Asia Pacific Index members earnings per share slid 16% PERCENT in the 3 months June DATE from a year earlier DATE and now we're expecting about a 12% PERCENT drop in earnings from those companies listed on the MSI China GPE index of course this index does make up a large proportion of the MSI Asia Pacific LOC Index as We know the reasons for this are the COVID lockdowns the impact to China GPE 's economy but certainly it is looking like it is going to be some significant losses for these companies in the prospect of dwindling profits adding to the negatives that have just ragged on the overall regional bench Index over the past year or so DATE it is down as you can see about 18% PERCENT over the past 12 months DATE versus what we've seen in terms of near 30% PERCENT drop from the MSCI China GPE index and a 10 and a half percent CARDINAL drop from the all world index JP Morgan though saying there are some ups

Months DATE versus what we've seen in terms of a near 30% PERCENT drop from the MSI China GPE index and a 10 and a half percent CARDINAL drop from the all world index JP Morgan though saying there are some upsides for Asian NORP stocks they are looking at the reopening place in Southeast You're in tourism and retail and you've got M and G saying that some of the improving earnings elsewhere in the region could see the likes of Indonesia GPE and India GPE outperform Alice ORG . Jill PERSON thank you very much Report it in Singapore GPE that Jeanette Sally PERSON . Predicts global inflation will stay at nose bleed levels as a supply chain crunch massive physical stimulus commodity price shot rising wages or fuel the fire someone Foxman ORG has more on heights pay night TIME here in the Middle East LOC so we've got some new data this time across the region So how's it shaping up so far? Well, the notable one to me manus was cutter. Cutter has been leading the inflation picture and we did see inflation ease up slightly in July DATE . Coming down from five CARDINAL . Four% to just under a five%. Again, they've been leading the way in terms of overall in So notable to see that pullback yes we have the world cup yes we have L and G story in the picture but maybe we saw a little bit of a pullback because of the summer DATE we'll also get Saudi NORP CPI data coming out today DATE they have been the lager across the region but Bloomberg econom Points ORG out the trend is much higher despite the basic effects essentially of that VAT hike from a couple of years ago DATE and Bloomberg PERSON We are expected to end the year at three%. Also saw Israeli NORP inflation data coming through a little bit outside this gulf LOC region. Accelerating yet again to four CARDINAL . Six% on On your basis. This should give more father for the Bank of Israel ORG to maintain its very aggressive stance. Starting to hike rates for the first ORDINAL time in really over a decade DATE from that cycle. That meeting that we get next central bank meeting is on August 22 DATE . And then you're also looking at the impact of the Russian Ukraine war GPE on some of the investments by Sally Billionaires PERSON , right? That is right and that we got this filing out from the Saudi NORP exchange and revealing something rather astonishing from kingdom holding which invested 500 1 million dollars MONEY in three CARDINAL Russian NORP energy names back in February DATE and in March DATE so those names include Luke Oil PERSON gas prom and Rosneff ORG with Gas Prom getting the biggest chunk of that investment remember we saw the shares of those companies really After this war began but perhaps seeing a bit of an opportunity to make money from this crisis and I think the interesting thing here is remember there are ties now between Saudi NORP PIF ORG the Well fund and kingdom holding run by prince Because PIF ORG took a 17% PERCENT steak in that company just a couple of months ago DATE so this may is something that may raise some eyebrows kingdom not telling us whether or not it continues to maintain those investments Also notably coming through from this filing a couple other country companies that kingdom has invested in. They include Uber, total, Alibaba GPE , BHP ORG , and adventure firm called Hercules Capital ORG . And Moody's ORG dying greeting turkey's long term foreign death rating what was there thinking behind this Well Policies that the Turkish NORP government has maintained to try and stabilize the currency, Those foreign exchange reserves. They say that they are unlikely to be effective in restoring some degree. Me of macroeconomic stability. FX ORG reserves have been declining across the year DATE even though they saw a little bit of an increase last month DATE we're looking at a Turkish NORP lera that's flirting with 18 CARDINAL to the US GPE dollar so the weakest and ever really for the currency they're outlook is techn Stable PRODUCT here but this becomes the lowest quoting rated rating across the major agencies.

Didn't ever really for the currency. They're outlook it's technically a stable here but this becomes the lowest Across the major agencies we'll see if some of the other agencies will ultimately follow suit with this downgrade. Yeah Simon and you know I can I can relate to your reaction looking at some of some of the numbers in really we push Air out of my lungs as well. Simone, thank you for that. Simon Foxmooth cut a financial center in Doha GPE . And let's get to Saudi Aramco NORP now which has posted the biggest quarterly DATE adjusted profit of any listed company globally. That was driven by a high crude prices and production, net income, that's running through the numbers, that rose to $ 48 MONEY . 4 billion CARDINAL in the second quarter DATE . It's up 25 CARDINAL . 5 billion CARDINAL a year earlier DATE . The company is using the windfall to reduce the debt and invest in a huge expansion of its production capacity. Let's get to art you touch recycling, director of investments, and Particularly on the bottom line a little bit of a surprise that they haven't announced a special dividend yet. Yes I mean I was thinking the same thing but it wasn't line with the expectation it comes to the net profit 75 1 billion dollars MONEY for the whole year DATE they came out with 18 CARDINAL . 8 billion for quarter two DATE exactly in line with mode market was expecting Second half of DATE Just because I think oil is staying longer for a higher for a longer period of time. And if not now then when And they certainly it's interesting when you look at the gearing numbers the gearing but not collapse so it came from just over 14% PERCENT down to just under eight% and also the guidance in terms of the production numbers Quite chunky as well. So those are other facets that could build that case. Exactly. So the gearing numbers were about seven. Nine% for quarter two DATE and the guidance by the management was to bring it to five% level. So if it moves to five% level which I think it could in quarter four DATE then there is obviously they might open Upward dividends. How does the Saudi NORP Aramco opportunity? Especially also we just spoke to from H Maybe ORG some of these players listed players like Saudi NORP Aram even though he didn't mention it explicitly. How does that compare to other Sort GPE of sectors within the Sally PERSON Tadal As far as the numbers are concerned banks with super strong so banks came out with an exceptional amount of profit landing group was up like 18% PERCENT mortgage recovery we saw we saw electric Improvement which has been a headband as far as banking sector was concerned. Ah so the top line equity was down to 50 CARDINAL basis points on a month DATE on Monday DATE basis. But consumers were weak. Ah we saw some weak Numbers ORG from Not so great numbers from Almara as well health care the one of the strongest franchise in Southeast unexpected the So overall I would say Saudi Tatawa PERSON was mixed set of numbers. Mix the neutral. When you look at risk I mean just reflecting on what Max PERSON had to say to us which is you know he seems to die this narrative that you're gonna get that some huge pivot from the fed and you would also concur without you say the case for a significant pivot from the fad is weak And you're using this sort of buy everything rally as a moment to trade back on risk so just talk us through why you think the pivot is weak and what do you what are you skating back on the most the current rally that we have seen man is since the beginning of July DATE I think it's totally over done just because we haven't seen significant infl Interesting highly leveled names, highly names, the industrial, the the real estate names, and we have kind of upping our quality, rotating our portfolio in terms of Team ORG . The other line here in the golf I mean Emar PERSON properties emo development also switching ownership a little bit from our properties a good chunk going To the ruler of Dubai GPE at does that change anything meaningfully on your outlook on your rating for some of these stocks? And I think overall outlook for the real estate sector is very robust. We saw some numbers of cost from real estate from Abu Dhabi ORG . It was very good. We expecting very very

And I think overall outlook for the real estate sector is very robust. We saw some numbers of cars from real estate from Abu Dhabi ORG . It was very good and we expecting very very solid and profitable numbers from MR GPE and Amada GPE as well. We've given back a great deal of the war premium. We've talked about this consistently in New Orleans GPE . I'm reading more notes that are talking about $80 MONEY than they are about $130 MONEY . Dennis Gartman PERSON . However, says, you know, be careful. Look at the back That's with a smart footprint of money will be and he thinks that we've seen the lows in the oil market And that we're gonna trade higher from here. It it backdrops a great deal of our risk sentiment in markets for the clients that you talk to. So you are you hear more people on the bar side than they are on the bull side. What what are the clients saying to you? I don't think that people are on the best. I like the market is totally addressing the demands out of the equation because of global Yeah. But the the supply side is totally unaddressed. It's totally. I mean the fact remains that UAE GPE and Saudi NORP beyond these two CARDINAL countries. Doesn't have anyone else to add barrels to the market at the end of the day DATE and and global oil emergency stock or or the lowest in the last 30 years DATE . So, I think there's a lot this lack of this this lack of supply Is actually not in the price of oil. The risk premium is not there and the price of oil which is why we think there's a stronger case for higher oil prices in a medium term. Egypt GPE is also on your radar. We're counting down to a rate decision on August 18 DATE . So, that's later this week DATE They have a lot of catching up to do. The currency does have a lot to to deliver as well. How does this play out strategically? I don't think they're gonna increase rates right now although they probably have to do it sometime sometime this year DATE given where inflation is but we haven't seen very high inflation numbers for the month of July DATE But overall Egypt GPE we are not very keen on it the on the credit side it's down 16% PERCENT yesterday DATE we can weak EGP ORG a higher inflation totally a challenging external Doesn't both well on the credit story nor on the iconic story for now. Okay. On that red decision on 30 CARDINAL you never know they could always surprise us at each Andrew Sackerin PERSON director of investments over at Shua ORG as a management I guess this morning TIME on the Middle East LOC markets and the Iramco ORG first ORDINAL reaction this is Bloomberg Single PERSON market that over the past few weeks DATE has made it clear. It wants to go higher. It got a little spooked by the idea that due political potentials are rising. Economic policy symposium. Only on Bloomberg GPE television and radio

Only on Bloomberg Let's PERSON check in on these Middle East LOC markets now with our activities reporter for Albarrahi ORG . She joins us for a little bit of a dive into some of the earnings. We've had a ram kill. We've had a reaction on that stop price yesterday DATE but we've also had the Darwall ORG group itself. What are the numbers show there? Well with the the net income over 20% PERCENT a year on year DATE which perhaps isn't a surprise we have seen trading Normalize ORG in Saudi Arabia GPE especially from the 2020 DATE levels but it seems that the market still expected a slightly better set of numbers because the stock fell just about one CARDINAL . Seven CARDINAL Yesterday DATE but I think it really does show the picture in Saudi Arabia GPE that we're not necessarily in that boom that we've seen over the last couple of years DATE in Saudi Arabia GPE where the market was get hand and double digit returns In the high 30% PERCENT as well as a lot of retail traders as well as foreign investors coming in and of course the IPO is there themselves are starting to slow Earnings going forward. Speaking of some of the fees and some of the companies beginning to trade what's on New York GPE right there? Today DATE we A new IPO in Saudi Arabia GPE rather than new debut that's not the water coming in with a they raised about 110 1 million dollars MONEY and they're listing and in the again there's that more of that you utility play that we've seen with aqua power and so on but I think what Thing here is the debuts that we've had in Saudi Arabia GPE have been mixed so far they haven't been that steady performance of a stocks soaring in you know again handing 100% PERCENT returns over First couple weeks DATE of trading alone. So, we'll see how this company more of a smaller one but how that will perform and what that tells us about the market. Recovery and some of those names what what is behind that and maybe we've had this risk on rally globally in equities which everybody seems to be decrying so it took us through the Israeli NORP story well absolutely is there is really stocks it's no secret that they do tend to follow US GPE It's higher but looking at the fundamental factors we had the ceasefire early last week DATE which had certainly boosted sentiment stocks had sword at the start of last week DATE with the index actually erasing losses for the year DATE . It's About three CARDINAL . Five% on the year DATE and we've had for example a Bank of America ORG upgrade for Teva ORG I really heavy member on the TA 35 CARDINAL as boosting the stock and we've had a couple of Such as the airlines as well as Amdock PERSON 's them to they Estimates and they've supported the index going forward. You for some of those important points. That's a highway there. We still have much more to come equity futures in the US GPE called lower by about a fifth CARDINAL of one% ORG . This is Do you see that coming 24 hours TIME a day. Bloomberg PERSON your global business authority.

It's a really reminder isn't it just how sensitive the markets are to any commentary about trade we did see some pressure on the UN ORG we did see some pressure on the future that is now being reverse Portfolio You know a portfolio for generally speaking for most investors with would make sense because at some stage you want market will make a comeback. We need to give it some more time. There may be better ways to go than 60 40 but I think it's a base case. It's still makes a lot of sense. And I actually think they're increasing it pre dramatically at the moment is is they're looking for Going outside into other real assets, real estate, private equity, private credit, can can be a healthy addition to the portfolio and really help diversify your return because 60 40 DATE as I mentioned has been a challenging portfolio construction that explore your to have. Fundamental tenants of the investing world over the course of decades DATE is 60404 DATE . Bloomberg Guester PERSON weighing in whether or not it's dead three quarters CARDINAL of people surveyed still see the strategy outperforming inflation over the next 10 years DATE Let's get to the UK GPE now where the main opposition labor party has proposed extending Britain GPE 's windfall tax that's on oil and gas companies saying the proceeds should be used to fund the total freeze on energy bills over the winter Set out to our expert on the subject that's Leanne Garrett PERSON students from London GPE Good morning good morning man it's Of all the soaring cost of living crisis here in the UK GPE just dominate so many of the front pages this Monday DATE morning TIME and I'm gonna Off with the guardian which basically says Kier Star PERSON was gonna give a speech a little bit later on today we can expect it at about 11 o'clock TIME and what he's gonna say is he wants a On this energy price cap and this is gonna help family significantly and he's also gonna call for an eight 1 billion lb windfall tax on the energy companies here in the UK GPE so that all to come this afternoon he is confirm Under his The energy price cap will be frozen at the current level it is now and it is expected to go up in October DATE 80% PERCENT rise taking the average household bill to 3600 CARDINAL lb but that would not go ahead under these pants so saving families about a 1000 lb a month which is significant At the moment and the 29 1 billion lb plan that you're outline this afternoon is something that is putting immense pressure on the two CARDINAL people to be the next conservative And the next prime minister as the Times ORG newspaper has a poll out this morning TIME from Ugov GPE which says three quarters CARDINAL of conservative voters are backing this plan that Kiastama LOC is gonna announce later today TIME and what does that mean for Liz Trust Rishi Sunak ORG going forward. We're speaking about battle whoever the incumbent is at number 10 CARDINAL they're gonna have a heck of a time with unions and not just a unions but wigs and guides I'm talking about the baristas the dog workers the railway workers So again this is gonna be a week DATE of pretty big strikes in the UK GPE . You're so right so not only is the new prime minister gonna have to deal with this cost of living crisis they also gonna Deal with the strikes that we've seen in the UK GPE and this is really been dubbed this summer DATE of discontent hasn't it Madison PERSON you said we've heard this term loads of times throughout the last few months DATE and it All over inflation and pay and the cost of living so on Saturday DATE we did see more train drivers strike and this really affected so many people it affected people going to football games and also Affected people coming into the country tourists and this is because the unions are saying that they're workers want more money to live because it train drivers are just not being paid enough at the And coming up on Wednesday DATE we have another strike by the RMT union ORG so on.

Play of course Aussie's Diamond ORG and and the Yan PERSON eh is a little bit more of a haven this morning TIME . I'll tell you what institutions are also doing. They are buying cryptocurrencies again. It comes just as retail began to get cold feet. So basically This partnership between Black Rock LOC and Coinbase it makes it easier for institutional investors to get involved and so the narrative is back Bitcoin PERSON added 20% PERCENT of the past month DATE Ether advanced 80% PERCENT Major institutional investors making a move currently we're looking at Bitcoin up about two CARDINAL . Two% the coverage continues from Dubai GPE London GPE and the rest of the world this is Bloomberg Apple ORG fans will likely have to wait a little bit longer than expected to get their hands on Apple ORG 's first ORDINAL mixed reality headset to compete with menace oculus the iPhone ORG maker had plans to reveal the new device as early as this June DATE at WDC ORG and then release it later this year DATE . But the Overheating PERSON camera technology in a new operating system that means that an intro is early as the end of this year DATE or early next year DATE with a wider consumer release in 2023 DATE is more likely. The headset is plan to have super fast M one CARDINAL pro light chips immersive audio and speaker technology and capabilities for media consumption gaming and communication the headset will be pricey over and probably cost well north of $ 100 MONEY . Developers to write software The first ORDINAL headset however is only beginning for apples ambitions in The company is planning a standalone augmented reality headset as a follow up later of this decade DATE . I'm Mark German PERSON this is power on. This is Bloomberg Daybreak European PERSON in Dubai GPE with the stories that set your agenda Production miss the forecast 532 1 million dollars MONEY a day. That is the daily DATE profit of the oil producer Saudia Ranco PERSON in the second quarter DATE . The most ever by any listed company. Plus

The most ever by any listed company Plus Taiwan GPE Redox a US GPE congressional delegation arise in Taipei GPE after a visit by Nancy Pelosi PERSON spurred China GPE to launch its most aggressive military drills in decades DATE Warm welcome to the show are you spoke by bar market rally Reading Michael Burry's PERSON tweet are you listening to Dennis Gartman PERSON either way this is an equity rally which is being much maligned and deeply questioned I've just had a conversation with HSBC ORG let's have a look at the equities we are coming off very much on the back of this trifecta of missus in the China GPE data which we will dig deeper into in just a moment Den It won't last much longer. He or she who loses the least will be the winner. Stop to lower this morning TIME . Now is that done by quarter CARDINAL of one% ORG . There's a quantum of bad news which is coming in across the Classes PERSON this morning from China GPE . Let's talk about the cross to ask it wet because you've got this lack of belief in the equity narrative. But to the bond market and the oil market, the oil market is done by at one% ORG this morning TIME . Again, could I run come back into the fold if they get the sanctions lifted that they wanted. There's talk of that in the market. That's pressing on the supply site. 10 year DATE use Rising GPE this morning TIME . Again, there's a real split in the camp weather. We'll get 50 or CARDINAL 75 CARDINAL basis points. This swap market says 60 CARDINAL basis points at the September DATE meeting. There's a long way to run until the September DATE meeting. The headlines by the way are the biggest sellers of 10 year paper last week DATE . Bitcoin. I just thought we threw in a little bit of bitty. Up by two and a quarter of two DATE and Equity Least 2018 in China GPE so the underbelly of China GPE is malevolent one could say. In terms of sentiment and the current can bring his very latest on that I reported her standing around the world Steven Suchinski PERSON has the very latest on the Iranco NORP earnings Einhorn PERSON we'll talk us through the lines on Taiwan GPE and Jules GPE has ever will wrap up the Asian NORP market session with rake cuts and toxic data. So let's get to China GPE and the Central Bank ORG I'm expecting those interest rates to ramp up support for the economy way down by COVID. Lockdowns and a deepening property slump. For more let's bring our chief Asia LOC And the current. So, the cavalry have arrived but are they sufficiently armed and equipped? Weakness across the board minus in in China GPE 's economy according to this data July DATE remember was expected to be the recovery month instead we saw figures for retail sales and industrial output investment All falling more signs of weakness in the property market in terms of new home sales and prices. I only mentioned of course all of that four CARDINAL essential bank to take eh to cut its key interest rate for the first ORDINAL time since January DATE in a sign that shows you just how concerned authorities About the state of the economy right now. There was some modest good news on the unemployment front to survey jobless rate ticked lower to five CARDINAL . Four CARDINAL from five CARDINAL . Five CARDINAL but within that use unemployment actually rose again. It's hit a new record. So when you take it all together the number of show that the recovery in China GPE appears to have Are already it's clearly crying out for more policies support and there's 1 o'clock economist said today DATE he describe the whole pictures looking quite alarming now as China GPE had the deeper into the second half of this year DATE Anna thank you very much and the current our North Asia LOC correspondent on the data to study Iramco ORG as I said it posted the biggest quarterly DATE just a profit of any listed company ever it's a staggering tag to have higher prices and production help boost another Steven Suchinski PERSON is with Stephen PERSON I mean these are blistering numbers. I don't think anybody's surprised that they were so good. I think maybe some are surprised that there wasn't any salivating extra dividend. Yeah, you know, when you look at the other big energy giants around the world, they're having a similar giant boost and prices because oil is expensive. And to do because of that,

You know, when you look at the other big energy giants around the world, they're having a similar giant boost and prices because oil is expensive. And to do because of that, they're increasing their dividends to to the folks who own their shares. But if Audi Ramco PRODUCT did not do that, Instead, they're gonna try to reduce their debt. They're gonna use that money to invest in future production. Which is more because they they look over the next decade DATE , oil demand is going to increase according to them. They say that the energy transition aside demand for oil and oil like products will continue to increase when you invest that money to boost our output, potentially from 12 1 million barrels QUANTITY a day to 13 1 million barrels QUANTITY a day it's one of the things that they have been looking at it's going to be very interesting going forward whether there is more windfall this could be the peak for Saudi NORP Aria Ramco PERSON profits unless oil prices jump back up to where they were a few months ago DATE Steven PERSON , thank you very much. Steven Stachinski PERSON , with the very latest on the Aramcoat PERSON numbers. A US GPE congressional delegation has landed in Taiwan GPE for a 2 day DATE visit. Testing China GPE 's reaction after the house speaking Nancy Pelosi PERSON went earlier this month DATE Bruce There's no Real Escalation online as far as I can see or is this the calm before the storm on this delegation's arrival in Taiwan GPE who are they and just high up the let's say the pack in order are they? Well I think that's an important point Very few people is high in the pecking order in the US GPE of course than Nancy Pelosi PERSON who's the speaker and that was the first ORDINAL trip by a speaker in a quarter of a century DATE . This trip on the other hand is led by Ed Markey PERSON who's senior senator from Massachusetts GPE along with several congress ORG people. But the visits by congress Congressman ORG senators to Taiwan GPE are not that unusual there was a visit last late last year DATE by Senator Bob Menendez PERSON chairman of the foreign relations committee so up until Nancy Pelosi's PERSON visit China GPE 's reaction has been to express his pleasure but Haven't Lifted, lifted things in the way that they did following the visit by the speaker of the house. So, we'll see what happens this time. Send it to Marky PERSON and the others in the delegation are are meeting today DATE with Taiwani ORG 's president signing one and with other officials, they're also meeting with some business leaders. The response we have so far from the Chinese NORP Obviously displeased interesting they've don't accept the argument that well of the United States GPE we have separation of powers there's the president executive branch there's congress ORG legislative branch and their co equals Chinese NORP statement is there is separation of powers in the United States GPE but Power is part of the broader national power representing the United States GPE and the Chinese NORP spokesperson vowed what he called resolute countermeasures following this latest visit. Bruce, thank you very much. Let's see what the reaction at holds for the world. Two CARDINAL Asian NORP ambassadors, they're grappling with disappointing Chinese NORP data. A surprise stimulus from the PBOC, Juliet PERSON , Sally PERSON , has put the market reaction together for as jewels. I mean, it's torn, aren't we between the data and let's say Delivery PERSON from the PBOC. Yeah, indeed, man. I said also what it means for the banks next week DATE , will they cut their loan prime rates too, but a lot of analysts saying, how much further can any reduction actually help to stimulate the economy too when you've already got rates at or near record lows? What we are seeing though is a big rally in the bond market on China GPE 's 10 year DATE yield dropping About seven CARDINAL basis points and this is one of the biggest moves that we have seen since the onset of the pandemic. We're also seeing this play out into the currency market. Let's flip the board and have a look at what we're seeing with the offshore you won and the Aussie dollar both weaker against the Greenback PERSON on the back of this disappointing data that we had that ended alluded to you. You've now got the Aussie GPE . Just holding under Broadly PRODUCT though we have seen that stimulus in terms of the PBOC rate cut for that 1 year DATE MLF ORG and of course the 7 day DATE reverse repo give a little bit of stimulus to or support I should say Asian NORP investors but it's really been driven by what you're seeing in Japan GPE .

Part for that 1 year DATE MLF ORG and of course the 7 day DATE reverse repo give it a little bit of stimulus to of support I should say to Asian NORP investors but it's really been driven by what you're seeing in Japan GPE the NK 225 and outperformer today DATE and that index man is close to erasing it's losses for 2022 DATE Jill PERSON thank you very much very succinct to the point currently under pressure coming up on the show as Jules PERSON mentioned the Chinese NORP economic recovery unexpectedly weekend in July DATE we're gonna dive into those numbers what does it mean for the mackerel look ahead of the fed minutes this week DATE and it's a good day is in the house she's the equity strategist for Emirates MVP ORG is she part of a Rally. For an energy price cap For the country facing its worst cost of living crisis in decades DATE more on the story right here on Bloomberg PERSON . Metaverse. Immersive experiences that have a sense of active presence. One 1 trillion dollars MONEY market by the end of this decade DATE . And whether you know it or not you'll probably be working there in the future. Removing into a world where we're gonna be interacting with computers with our bodies. Definitely trippy. I think the adoption curve is gonna be slow. It's weird. Thing right now. Oh, look at you. If you have no legs. Why did the biggest names in business choose Bloomberg PERSON ? That is a great question. Great question. Great question. It's day break Europe LOC your Monday DATE morning TIME kicker for risk. Chinese NORP economic recovery unexpectedly weekend in July DATE . Fresh COVID outbreaks across the country. Wayne PERSON on the consumer and business spending. Estimate earlier China Central Bank ORG took a surprise step cutting its key rate for the first ORDINAL time since January DATE was waiting for the 5 minutes TIME to hit the tape later this week DATE May reveal clues on this size of the next rate hike a lot has changed of course since the last rate hike I need a good is the head of equity strategy at Emirates Ambity ORG I need a good to have you with me this morning TIME good morning I don't know if I read one bullish note over the weekend DATE Dennis Gartman PERSON wants to cut risk at the arch chrome eh in diamond Really scary tweets talking about the year 2000 DATE talking about Anron ORG talking about 911 CARDINAL it's all bearish rhetoric and yet this is a darn hard rally to I convince to you this equity market rally will hold globally let's start there. So minus what we have been seeing this whole year DATE is rallies and pullbacks and I think this is what was expected when you have a rising rate regime you have fears of you know growth slowing as well

Use and pullbacks and I think this is what was expected when you have a rising rate regime. You have fears of you know growth slowing as well as of course the supply chain constraints that we are seeing. So this current rally that you have seen and from June 17 DATE which was about the law you've seen a 10% PERCENT rally Global equities about 17% PERCENT and the SNP 500. Now, of course, every single investment house is trying to figure out, you know, where the SNP 500 is going to end this year DATE . Ring there. Where are we gonna be at the end of the year DATE ? Estimate is 441 25 CARDINAL and that was based on a reasonable price to earnings of 18 CARDINAL times earnings growth of 10% PERCENT . We are not you know able to Europe LOC come most houses are in the state of Luxe GPE because earnings have surprised to the upside. So we talk of recession risk but Going to see that recession this year DATE unlikely because equities usually lead economic growth. Talking about economic growth. Of course, we just had these three CARDINAL big misses from China GPE and people are talking about, you know, gloom and doom. There is one CARDINAL chart that we've created and I think it's quite informative. Let's have a look at it. It's the aggregate financing. I need it. You can't spend. It does your production. COVID clothes you done. I can normalise all of those misses. Right. But what worries me is when I see a credit number so obliterated as this in China GPE . Is this a warning on growth for the world? Absolutely China GPE has been an important part of adding to GDP growth in the last decade DATE in the last 25 years DATE . Today DATE when we are seeing this China GPE slowdown is going to impact geography is more like Europe LOC which are larger trading partners. Let's say let's not the US GPE so much Also what we have done for China GPE is we took our overweight off just about a month ago We have been in a fluctuating between to China GPE removing it because everybody has always been conveyance that Asia LOC is the growth path forward. How do you change? I mean, are you honestly changing as often as that in terms of your conviction? Is it that It's not Every 324 months DATE , I won't say every month DATE but we keep thinking that you know China GPE is going to provide that upside and then you have China GPE grocery down, you have the SEC ORG cracking down, you've got many China GPE listed companies in the US GPE now, you know, being taken off the US GPE listings, you know, the government, entities It's like dating in Dubai GPE . Holes and and disappointment. No in terms of valuation and attraction. You're talking about the S and B 54100 PRODUCT . Taka PERSON 's had the most blistering rally, hasn't it? So, the whole gross narrative has I was there been refused up what 50% PERCENT from the lows that it met in January DATE . I'm talking about the Naz. Yes. From the lows in to It's hot is it? No, sorry. I'm I shouldn't be so subjective. Is it difficult for you to be bullish on growth? In and not finished fed hiking cycle We have never actually stopping bullish on growth. So, I don't think that anything new. So, part of our, you know, equity strategy, a calls have always been around Been never ever took the overweight of technology all that we said was look at select subsectors and we have in fact a huge call right now on electric vehicles seeing the global warming is going seeing you know the new bill that's been passed in the US GPE in centres being given whether it's Europe LOC so while you have oil prices going up Supply PERSON is becoming an issue. We think that focus on electric vehicle is going to go up more. Nothing has changed in terms of companies, adopting technology. Now, I know you don't name names as it were in terms of what you're buying but let's just extract it. Look, I have, I had lucid motors on the other day DATE . Right. Based inside the Arabian NORP , a lot of the headwinds is is the the access to Yeah. Cars the batteries at Orange Deep LOC . Commodities is is it the

Cars the batteries at Orendee producing. Commodities The supply chain into that is that how you dissect that major bullish call on EV ORG . Absolutely, we look at the manufacturers both light vehicles as well as trucks. We look at the back manufacturers, you look at the Of lithium. You look at the people who are putting up the infrastructure. So, it's a mix. I wouldn't Economic research teams outlook which is an oil at about $115 MONEY you know this year so I think we're gonna keep fluctuating on that again you know a Below 100 right now but with what's happening in Europe LOC and Ukraine GPE and you know what Russia GPE supply of gas. It won't be surprising if oil does bring back a little bit in in winter DATE . Okay. To 115 CARDINAL . Or you're always good with the sport. On on the course. I need a thank you very much. Rolling. Rolling with the punches. I need a cup to that. Ahead of that could eat strategy for Emirates MVP ORG . My guest on the market. It's coming up on the show. Seven CARDINAL major Wall St Banks ORG reporting. They have begun offering to facilitate trades on We take you through it right here on Bloomberg PERSON . When US GPE inflation numbers are released. Terminal speed. When do we get back to boring inflation Economy like Bloomberg PERSON your global business authority. There is an epic saying in Italy GPE when it comes to family generations that the first ORDINAL generation creates the second ORDINAL generation expands and the third ORDINAL generation destroys And that's almost what happened in the Gucci PRODUCT story. Now experience about The Gucci PERSON family was the strength but also the weakness of the label. The situation became dire with Gucci PERSON 's finances. They were not able to pay salaries. They were not able to pay suppliers. Gucci PERSON 's really teetering on the brink at this stage. So that's what we're doing. Portfolio. You know a portfolio for generally speaking for most investors would would make sense because at some stage your bond market will make a campaign. We need to give it some more time. There may be better ways to go in 60 40 DATE but I

Or generally speaking for most investors would would make sense because at some stage your bond market will make a campaign. We need to give it some more time. There may be better ways to go than 60 40 but I think it's a base case. It's still makes a lot of sense. Probably close to final 10 CARDINAL . I actually think they're increasing it pretty dramatic to you at the moment is is they're looking for Going outside into other real assets, real estate, private equity, private credit, can can be a healthy addition to the portfolio and really help diversify your return because 60 40 DATE as I mentioned has been a challenging portfolio construction exposure to have Let's get the first word news with Jules PERSON . She's with me in Singapore GPE . Juliet Sally PERSON . Hey man it's water levels in a key way point on the river are expected to steady at an extremely low level this week DATE adding to Europe LOC 's energy crunch many bargains can't transit past the market a point west of Frankfurt GPE where the water level is below 40 cm QUANTITY According to government data it's already at about 35 cm QUANTITY and is set to drop to 30 cm QUANTITY today The UK GPE 's opposition labor party has proposed extending Britain GPE 's win for tax on oil and gas company's to find a total freeze on energy bills over the winter DATE the plan to be announced by leader Kia Starba PERSON later today we'll put renewed pressure on the government to act analyst predict the Annual DATE household energy bill could top 4200 CARDINAL lb by January DATE . Is starting to recover 2 days DATE after being stabbed did a lecture in New York AP GPE has quoted his agent saying the author is now on the road to recovery Russia GPE is said to have been removed from a ventilator on Sunday DATE and is now able to talk the author of the satanic versus suffered serious injuries on Friday DATE after being stabb Multiple times shortly after taking the stage. Global news 24 hours TIME a day on air and on Bloomberg PERSON quick tape powered by more than 2700 CARDINAL journalists and analysts in more than 120 CARDINAL countries this is Bluebird Manus FAC . Jill PERSON thank you very much Julie PERSON . Latest headlines. So several major Wall St banks have begun to offer to facilitate trades in Russian NORP recent days DATE . That's according to a report from Reuters ORG . Eh citing the banks. Documents and unidentified people. Let's get a Contacts around. There's Paul Dobson PERSON is with me. I saw the headline, Paul. And immediately in the chat, we were discussing, wow, okay. So, we've got sanctions on going but Russia GPE bomb trading starting again. Can you just square that up for me? Yeah, very much. So, so, it appears, you know, this is from, from, from where we understand talking to the banks and from the Royce ORG 's reporter as well, that this is all about facilitating closeout trades for customers that have been stuck with that Russian NORP bond position for for several months DATE already, you know, either long, wanting to offload the more short And you know you couldn't needing to close out that trade as well so it seems that there's been some shift The permissions that are being granted by the US GPE government among others in order for those banks to come in act as brokers, act as the middleman, to their to to be able to get those kind of parties that are that are stuck in these situations back to back to level peggings. So it's not about bringing back speculative trading in Russian NORP bonds. It's not about reinvigorating the market or anything like that. They're purely about kind You know In the customer's interest to try to get them out of the situation that they found themselves in when the sanctions came down earlier in the year DATE . I suppose the question is what's in it for the banks? I know obviously writing tickets, earning commission, been able to probably I can only imagine salivating spreads given that this is a distressed cellar and a tough market with very few options on where to go to so I can only imagine this is just monster spreads. I guess there's some element of that but more than anything else, it seems like, you know, from from the comments that we have from Jeffrey PERSON 's last week DATE . It's about, it's about working on behalf of the customer, right? And doing them a favor in a way, helping them out of this situation. So, about that retention of customer relations cuz the banks know that ultimately is not great for their reput To be seen dealing with the Russian NORP bonds are at a time when you know a lot of a lot of the market is kind of untouchable but it's really about you know making sure that the customers can can can flatten their positions at the very least and come out of it. So I don't think we'll be thinking that the the broker dealers are are looking to make a huge amount of money.

About, you know, making sure that the customers can can can flatten their positions at the very least and come out of it. So, I don't think we'll be thinking that the the broke Adidas are looking to make a huge amount of money in commission out of this in the end but more about kind of you know, being there for the customer that hour TIME of need. On Thursday DATE I suppose I go back to back to basic principles which is distressed sellers and I've yet to meet a generous broker in my life Paul PERSON thank you very much Paul Dobson PERSON having been one Paul Dobbs PERSON and thank you very much with the very latest there on the situation with reducing your Russian NORP exposure quick snapshot HSBC ORG will with me this morning TIME . They said, look, they look a global LEI ORG 's leading the economic indicators. And the LEI of the LA GPE eyes for them is broadening. There is a quantum of misery Across the world as three CARDINAL major pieces of data in China GPE Miss Industrial Production retail sales and fixed investment also the credit impulse is declining so this darkening China GPE today DATE and get the latest on the story on the Ray Cuts FAC by the PBOC this is Bloomberg PERSON In this episode of Bloomberg Green PERSON we're focusing on extreme weather Will explore the science behind the recent heat wave. The consequences of extreme weather there is overall low awareness that heat kills Until recently there's not been as much effort to try and educate people about the dangers of heat. Solutions for the planet to mitigate and adapt. Government to lead on this and we need government to And stop sending things out I'm Kaylee Lynes PERSON from Bloomberg ORG 's Global headquarters in New York GPE and don't miss this week DATE 's edition of Bloomberg Green PERSON airing this weekend DATE on Bloom TV ORG quit take ants online Hey Facebook Hey Facebook It's they break you up on men's granny in Dubai GPE with the stories that set your agenda. Miss the forecast And bond use slump. 532 1 million dollars MONEY a day. That is the daily DATE profit of the oil producer Ramco NORP in the second quarter DATE . After visit by Nancy Pelosi PERSON spurring China GPE to launch its most aggressive military strikes military drills in decades DATE . Warm welcome to the show quick snapshot of equity markets drifting lower on the back of this missing the Chinese NORP data

Drills in decades DATE . Warm welcome to the show quick snapshot of equity markets drifting lower on the back of this missing the Chinese NORP data HSBC ORG warning this is an ominous sign for global markets in terms of the slow down the propensity for slow down around the world so there is a definite Across these markets. January DATE lows at a great deal of skating let's say Dennis Gartman PERSON saying there's Much longer. He or she who loses the least will be the winner. By the way, back of America GPE , the flow show, US GPE stocks took in 11 1 billion dollars MONEY last week DATE . The biggest in 8 weeks DATE . The Dax GPE is up by quarter CARDINAL one% and you're upset for a slightly higher opening. Let me roll it over. Have a quick look at what's going on with the barn markets. Richmond GPE fed present, Thomas Barkin PERSON , still on certain About whether you go 50 or CARDINAL 75 CARDINAL basis points but certainly that 100 CARDINAL basis point narrative seems to have been exploded off the market use rise HSBC ORG again say to us this morning TIME on this rising years add to develop market bond exposure 9 weeks DATE time by over one% ORG and iron or reflecting the unease or disease on the Chinese NORP Economy are done by 1:74% PERCENT . I can tell you the iron or is gonna lose altitude. They still makers making the least amount of steel since 2018 DATE . A bitcoin gets a bites. Will it last? 24 1000 CARDINAL . You know what? Call it 25 1000 CARDINAL for cash. It's up two% ORG . No. The PBOC unexpectedly cut its key interest rates. This to ramp up the support for the economy way down by COVID lockdowns and a deepening property slump for more let's bring in our chief Asia LOC economics correspondent it is end the current and eh this Term lending facility cut. You know what that was the reaction someone would say to to a backdrop that's tough. How tough is it in China GPE at the moment given the date that you've looked through? It looks to be pretty tough minus a weakness across the board in July DATE retail sandals down more than expected industrial production down more than expected even though exports are holding up Investment weaker, especially private sector investment on the housing side of things, new home sales, new home prices, housing investment, all weaker and that's why the Central Bank ORG took the surprising decision that I did this morning TIME to lower one of its Key LOC interest rate really hadn't made that move since January DATE and while that moved by the Central Bank ORG in and over itself isn't going to be a game changer because the problem in China GPE isn't the cost of boring per se it does speak to the how serious the authorities Reviewing PERSON things right now that they are pulling these levers. I'm trying to put a floor under demand. Where they can. So the other we take away would say is all of us data was weak but the reasons especially considering is because July DATE was meant to be the good month DATE . July DATE was meant to be the month DATE when things pick up a bit of a momentum again. They third quarter DATE was supposed to be better than the second quarter DATE and all the rest But of course this now underscore is just how much pressure China GPE 's economy is actually under. I'm just getting some notes into the inbox from from Martin Malone PERSON or add oral basically saying Next ORG rate hike in the US GPE you're gonna have this crossover between Chinese NORP rates over US GPE rates and we haven't seen that in a decade DATE and that may well have AA big currency impact but the policy response that you've seen so far given what Martin PERSON is saying here do you think it's going to be a again accelerated Accelerated easing in these key interest rates I'm alive. Well, this is the big talking about manners. How will the authorities respond from here? You mentioned essential bank side of things. A lot of economists said today DATE that move with the MLF ORG is really more but optics like I say that's not going to turn the economy around in in over Give me what's happening real estate. Hm. And giving what's happening with of course COVID oh. The reason to have been reluctant to cut interest rates is to your point that they didn't want to accelerate the flow of money leaving the country, the whole year DATE , advantage story over the US GPE has gone with the Fed ORG heading in the opposite direction that's downward pressure on you on. It means money out of China GPE . They didn't really I feel that I'm fire but it looks like they might have little option now give them move they take this morning TIME I think the bigger focus will remain going forward though less than essential bank and more on the government eh will they delve into their bag of tricks to do two CARDINAL unveil more borrowing more spending

Will it remain going for though less unattended bank and more on the government eh will they delve into their bag of tricks to do two CARDINAL unveil more boring more spending on infrastructure especially a local government level or Eh so I think a lot of folks will be on perhaps a real estate sector and of course a local Borrowing LOC and spending. Well we'll put those questions to my next guest in just a moment for the global economy though and HSBC ORG we're with me Max Katner PERSON was with me a little bit earlier on Saying LOC look this is a nominous sign the LA GPE eyes of the LA GPE eyes for him Are all beginning to trend lower. It feels like that really when you look at the global economy man it's a standard at the moment is really the US GPE economy and in particular the US GPE jobs market because China GPE is certainly not proving to be a dynamite for global growth the way it has been it's not proving to be a dynamical for a recovery in the way it Pass global downturns not only are we seeing this slowdown in China GPE but as we just discussed the authorities aren't coming to the rescue with the major support either and there had been a view by the way that China GPE Be something of a buffer for global growth could put a floor under things but now of course I've used change pretty quickly this morning TIME when people see the scale of the downturn I mean ANZ PERSON talking about what looks like a pretty alarming a slowdown in China GPE 's economy for non about suggest China GPE will be Much of a pillar for global growth going forward and the other side of it by the way is weakening external demand for Chinese NORP goods. A lot of producers and manufacturers in China GPE have been worried and complaining for some months DATE now that their order books are looking weaker. So it looks like the external story might come off to boil. Take the shine off Tray ORG boom just at the same time that the domestic story is obviously a crumbling on a weight of the property code and I cover oh so when when you take it all together it's hard to say that China GPE will be any kind of a pillar for a globally normal recovery in the way it has been in past downturns. Okay certainly it sounds pretty gloom laden that reflection Eda PERSON thank you very much and the current Bloomberg NORP Chief North Asia LOC correspondent joining me now is my guest on this Jinny Yan PERSON Chief China GPE economist at ICBC standard bank ORG two CARDINAL economist back Surely we will have a different opinion Jinny PERSON good to have you with me Use language there from one of the hoses and said saying that this data was alarming and it's slow down A are you alarmed and B could it be if I'm optimistic could it be a near term low in the data Wolf PERSON good morning and thank you for having me. I think I'm usually very optimistic but obviously this set of data does really highlight this severity of the challenges ahead particularly for a China GPE second ORDINAL largest economy and Also a global consumer of commodity. So clearly there are some sentiment there to be aware of. However the contact is very important. That's where we agree with ND ORG your previous speaker. In that Given to domestic and external challenges the current set of data does really highlight that it's not really just about the fact that China GPE is slowing but expectations are very high for that quick recovery that we used to seeing in China GPE but that might not come as quickly as in previous Cycles. And and that's the risk isn't it? You know a target no longer a target I five and a half percent DATE growth from the authorities. It is guidance Given the data that you've just seen and aggregate financing at the lowest level put it into the GTV library aggregate financing is at the lowest level since 2017 DATE and that's maybe the more worrying point because because they that the alpha for credit and the system is waning And will it cross over into 2023 DATE ? Well the question here really is just how much this oh COVID policy will continue how much longer We know it's

Well the question here really is just how much this oh COVID policy will continue how much longer we know it's here to stay for a while and that's why we're having this uncertainty particularly in terms of outlook for the economy And that's why manufacturers and also services sector are Wait pessimistic when it comes to boosting their production. On the retail side particularly that could domestic consumption picture is particularly worrying. And couple with the unemployment situation we had another record number in terms of youth unemployment this month Again. And so lots of data sets there to really keep policy makers really concerned about the outlook but also Us GPE hope that probably a basket of measures will be there to to really boost sentiment and and we're ready talked about it. The PBOC this morning in terms of that unexpected the short term rate cut is really a signal of what's to So potentially more demand boosting policies to come I'm really we've had a huge amount of credit and fiscal impulse and that will really be with us for the next 6 months DATE but Enough that is really the question. On that fiscal leather that they pulled I know that you you believe that there will have a front loading of special bond issues is that going to be an integral part of that front loading? Already seeing record project starts so we're seeing really the peak of those special bond instruments is actually been spent into investment but it Coming quick enough I think in June DATE we saw really early signs of that recovery but that's on the back of End the Shanghai GPE lockdown but we're having other cities entering a small size lockdown. So, that is really weighing on sentiment. Both consumer household as well as businesses. So, really to get Suspending PERSON . You need to have some level certainty. And obviously that's a dynamic COVID oh policy. It's not helping matters. So I would expect that more demand bursting measures will be outlined in the coming weeks DATE and months DATE . Okay well let's see what those what those demand measures are Jinny GPE thank you very much Jenny Yan PERSON chief China GPE economist over at ICBC I wanna reflect on the global market map in terms of the narrative from Ginny PERSON and from Eda PERSON and you can see it very very clearly in the effects column and in the sovereign bong column Chinese NORP government bonds in China GPE Don Bay over six CARDINAL basis points Deviation move in terms of that you are seen an outsize move on that and reciprocated with that drop in yield across the car then China GPE you are seeing the remember offshore etcetera declining as well and the the move by the PBOC A surprise rate cut across the MLF ORG on the 1 year DATE and on the 7 day DATE repost you are just seen at the expectation for more managers and what will that do now of course if you hold in on the commodity at Copper Recovery ORG is Ginny is Let's get across to Julia Sally PERSON if I can draw a breath she'll save me let's get into the first ORDINAL word used with chills I got your water levels in a keyway point on the Rod River LOC expected to steady at an extremely low level this week DATE adding to Europe LOC 's energy crunch many bargers can't transit past the marker at a point west of Frankfurt GPE where the water level is below 40 cm QUANTITY To government data it is already at about 35 cm QUANTITY and is set to drop to 30 cm QUANTITY today A US GPE congressional delegation landed in Taiwan GPE on Sunday DATE for a 2 day DATE visit they're set to meet with Taiwanese NORP President saying when and other lawmakers the trip risks keeping tensions with China GPE high after how speaking Nancy Pelosi's PERSON recent To the region. Japan GPE 's economy recovered to its pre-pandemic size in the second quarter DATE with growth

China GPE High after how speaking Nancy Pelosi's PERSON recent visit to the region. Japan GPE 's economy recovered to its pre-pandemic size in the second quarter DATE with gross picking up after COVID curbs were relaxed GDP grew in an annualized pace of two CARDINAL . Two% below economist median forecast of two CARDINAL . Six% consumer spending which accounts for more than half CARDINAL of Economic output led the growth Will tribute supporting in from Wall St and beyond for Andrew Jane PERSON they can't talk it's And former Deutsche Bank ORG co CEO Death at the age of 59 DATE was announced on Saturday DATE after a 5 year DATE battle with cancer. Been credited with building Dorture Banks ORG investment banking business and turning the German NORP lender into a global trading powerhouse Global news 24 hours TIME a day on air and on Bloomberg PERSON quick tape powered by more than 2700 CARDINAL journalists and analysts in more than 120 CARDINAL countries this is Bloomberg PERSON manus Jules PERSON , thank you very much. Singapore GPE . Coming up on the show. Study Iranco posting the biggest quarterly DATE profit of any listed company. The details this is Bloomberg PERSON . So what's the best investment advice you've ever been given by anybody? Pound interest. The compounding of returns is an incredible miracle of business finance and human existence Everything you learn is additive everyday and if you keep at it and don't quit It's an incredible miracle and it's and it's not just interest it was it was always said about compound interest returns Compound business returns compound human returns They're all very active cuz you'll learn every day and if you keep at it it's very very Super helpful. In your observation of investors, what do you think is the biggest mistake that average investors make selling at the wrong time? And they sell when the prices go down? Yes, or yes. Not keeping. Look, people have conviction Or the investor if they invest for the right reasons that just keep at it. Ken Griffin PERSON is moving both Citadel and Citadel Securities to Miami GPE . Bloomberg PERSON 's Amanda ORG It's day break Europe LOC this Monday DATE morning TIME I manage granny in Dubai GPE we've had the Sadi Iranco ORG numbers posting the biggest quarterly DATE adjust to profit of any listed company ever driven by high crew prices and production meanwhile a Exchange ORG funny shows Saudi Arabian NORP billionaire Prince Alwali Bentalal PERSON invested more than half CARDINAL a one 1 billion dollars MONEY into Russian NORP firms around the time of Moscow GPE 's invasion into Ukraine Bringing GPE our Middle East LOC energy markets reporter Anzi Depala PERSON at returns as fresh from America GPE whole new perspective on the oil markets. How are you? Good to have you back. Good minutes TIME . Thanks. Good to see you again. So, look. Leverage under control production on the other Good news day at Aramco ORG isn't it? Yeah with the oil prices where they've been over this first half of the year DATE . It was clear that this

Leverage under control production on the it's a very good news day at Iranco NORP isn't it? Yeah with the oil prices where they've been over this first half of the year DATE it was clear that this quarterly DATE profit was gonna be huge. We saw that from some of the international oil companies that reported before Ramco NORP and at Ramcos Had some of the biggest profits in the oil industry. So, it was clear that they were gonna have this huge, these huge numbers. They've been slightly beat estimates as well. So, that's also positive news for them. Kept up the dividend and and they are paying that down that some That. Let's remember there's still paying off Purchase of Sabbak ORG the Saudi NORP chemicals producer which they bought from the public investment fund and they're still paying that deal off at because they staggered those payments so they're working on that. They did make an acquisition in the quarter DATE buying Valvoline ORG 's fuel business. So, they're expanding in different areas but a lot of that cash is gonna be pumped into Production and that's their their main thing is they're seeking to increase capacity. I mean they're bringing down the gearing which Earlier and she said that the toggle was five%. They got it done to seven CARDINAL . Two%. So this is AA progressively good story Has impact on dividend story. Yeah, they're working on that gearing but they've also kind of taken their foot off the gas on that as well too. Around the time of the IPO ORG and shortly thereafter, they were really focusing on that. As these big numbers started to come in, this CFO ORG in recent quarters DATE has has kind of taken the focus off of that as such an urgent Matter PERSON right now. So, they are working on that but as you said, it's gonna be something gradual as they reduce that debt but they're gonna focus on a lot again on that investment bit and and on keeping Numbers ORG in shape as well man Which is by Prince Wallid His name Drawers ORG , eyeballs, and readership, but this is interesting cos it's a round what he invested in and around the timing of it. Yeah. Send a number of Russian NORP energy companies in February DATE the timing the exact date whether that was before or after the Russian NORP invasion of Ukraine GPE was unclear from the fire lines that we saw but he did put some some money into that along with some other companies so it's a question you know does he still own those securities does he not we we know that Hey So maybe he saw a potential bump there if there was no invasion that the value of these Russian NORP securities would have gone up of course there was the invasion that didn't but we did see Saddy Arabia GPE stand by Russia GPE not really throw them under the bus immediately when allies like the US GPE and the Europeans NORP condemned Russia GPE So there is that kind of link between Saddy Arabia GPE and Russia GPE on that economic link a lot of endless and and we're questioning you know what this Saturday DATE we really have to gain from Russia GPE because there's not a huge amount of investment going in we see kind of that the same thing with this investment A princess tell out we've been to put that money in. Yep. The value of the security is going down since then. So we're not sure what he's gonna be getting out of that. And we understand product as well as flowing from from Russia GPE into the UAE as well from from Russia GPE . So you know what I I think I think the assessment And his royal highness which was it's a European NORP war. It's not ours. Yeah, they don't wanna get there put their fingers into that and really get into that but there's really an issue that Russia GPE isn't Opec Plus with the saddest, with the UA ORG , they wanted to make sure that the Russians NORP were with them in a down market. Of course, the Asian NORP has rejection as a You know there's a wonderful May 1 DATE . I think we'll leave it there of course the Iranco NORP numbers come in Valerie Titel PERSON , the queen of Charles sent me a number. Shell Chevron ORG excellent total in total 62 1 billion MONEY between them. Just leaving them in the dust there with a ram cup. At 48 CARDINAL . Very much Anthony Anthony PERSON . I made the least energy and markets reporter, Anthony Department ORG , returned from his great American NORP road trip. Coming up in the show, UK GPE 's opposition, labor party, proposes an energy price cap freeze as the country faces the worst cause of living crisis in decades DATE . More on the story here on Bloomberg PERSON .

A digital first ORDINAL approach to the future work is where the industry and all companies will be heading. Metaverse. Immersive experiences that have a sense of active presence. This. One 1 trillion dollars MONEY market by the end of this decade DATE . And whether you know it or not you'll probably be working there in the future. Removing into a world where we're gonna be interacting with computers with our bodies. Definitely trippy. I think the adoption curve is gonna be slow. It's weird. Thing right now. Oh, look at you. If you have no legs. It's day break Europe LOC by Menice Crenny PERSON in Dubai GPE let's have a quick look at the UK GPE now the main opposition Labor Party ORG wants to extend Britain GPE 's Winfall tax on oil and gas companies with the proceeds used to fund the total freeze on energy bills over the winter In terms of the energy The energy solution. Let's get to Lizzy Boden PERSON . She's tracking their story for his Lizzy PERSON . I mean, you had all the all executives meeting last week DATE . There's a much derided meeting but Kier Stama PERSON , the head of the Labor Party ORG has come out. What has he had to say? Yes Manus PERSON this is really care stormer responding to the criticism that there's been a policy vacuum you know you've got a lame duck prime minister we're not going to know who's the next conservative leader until September DATE the fifth ORDINAL and even the former prime minister Gordon Brown PERSON has been telling us what he would do if he were in charge. So this is Kier Starmer PERSON setting out his plan to continue the windfall tax which remember was originally Labour ORG 's idea and the conservative And you can see why it would be popular when remember these a ramco profits are symptomatic of what the energy giants have been raking in through this crisis And obviously strikes not just port workers but It's gonna be a pretty tortured week. Yes exactly not just the transport workers not just the barriers but also the doctors too now threatening to strike Let's trust the front runner to be the next conservative leader has said that she wants to control wages to avoid stoking inflation it's a hard argument to When the public sector hasn't the same power to set prices but we get the jobs and inflation data next week DATE both set to show the power in is in the workers hands. Ok let's see how those strikes affect the real economy Lizzy PERSON thank you very much Lizzy Burton PERSON in London GPE more ahead on Bloomberg Markets Europe ORG Right?

The standard wave adventure from his work is you commit capital let's say over a 5 year investment period something like that And then the fun maybe 10 years or so 15 or these days DATE longer so often 15 CARDINAL often the tail extends up to 20 years DATE of these companies take one a long time ago can somebody that invest in a venture fund today DATE should be trying to get rates of return of 20% PERCENT would you say or more you know top adventure or sort of three CARDINAL action fees you know you ideally you're hoping for more than that For five CARDINAL extra more you know you you're really liquid the entire time right so you you hope to get paid for the liquidity and today so yeah maybe to a 20 to 40% PERCENT if if if This sort of baseline. Let's take another subject. It's such a post. Somebody says, I don't wanna invest in Andrews GPE and Horwitz PERSON . I wanna be Mark Andreson PERSON . How does somebody become a venture capitalist? What are the skill sets for good venture capitalist? High degree of intelligence, hard work, lot of luck, dress the right part, don't wear a tie, what are the things that make one a good You know people from very different Mike Morris PERSON is a former newspaper reporter John Doris PERSON former ship salesman you've got people with very different digital this kind of blue chip investment background you have people with very different backgrounds and experiences and so I I think it's it's some set of skills and some set of knowledge and then it's there there seems to be a taste component to it that's that's really hard to measure and Heard to predict. Why did the biggest names in business choose Bloomberg PERSON ? She's a great question. Great question. Bloomberg Green PERSON bringing you the business data and innovators fighting climate change. Reinventing climate news on TV quick take ant Bloomberg PERSON . Com. Well, good morning everyone and welcome to Bloomberg Markets Europe ORG . I'm Francine Laquat PERSON live from London GPE . Now, the cash trade just less than an hour TIME away and here are your top headlines Surprise rate cards China GPE unexpectedly lowering cost as retail sales and industrial production this forecast and bond yields slump 532 1 million dollars MONEY a day. That's the daily DATE profit of oil producer Saudi Oranca PERSON in the second quarter DATE . The most ever by any listed company And investors look to this week DATE 's fed minutes FAC and speakers including Esther George PERSON and Neil Kashkari PERSON what clues will they offer on whether the FMC ORG will go big with hikes next month DATE So we're just under an hour TIME away from the start of cash I could be trading in Europe LOC but first ORDINAL of all Unexpectedly cut rates China GPE and Hong Kong Kind GPE if you look at Europe LOC but futures they're actually on the app but then US GPE futures are dipping. Some of the things we're watching is definitely Chinese NORP bond deals. The offshore. If you want and on energy, we also have quite a lot of water levels at the rind dropping to such low Transported so we'll have a look at that so you can see a bit of pressure on the Nasa ORG futures and the doubt joins futures overall this is a picture across

Transported so we'll have a look at that so you can see a bit of pressure on the Nasdaq teachers and the Jones PERSON futures overall this is a picture across assets so we Currencies ORG we of course look at commodities when you look at what's going on with the Rhine River LOC and the fact that we talk about this shortage of fuel day in day out of the move where the illustrates how global gas markets are Remarkably ORG tight that even as seemingly small disruption in your blacks they were verbabrate across the world you can see the Australian NORP ASI skins oh. Five% but then Indonesia GPE . Of eight% to AA really looking forward to full round up of of course what's going on in China GPE the biggest surprise today DATE with 67640 DATE . So, China GPE 's economic recovery unexpectedly weekend in July DATE . As fresh COVID outbreaks, across the country, weighed on consumer business spending including the global outlook and prompting the central bank to deliver a surprise interest rate Now for more let's bring in our Bloomberg GPE Chief Asia LOC correspondent he is undercurrent and a great to speak to you so what's something with the main takeaway from the data today Weakness ORG across the board fancy and it looks like what was meant to be a recovery over July DATE has been fairly short lift lived retail sales were softer industrial I'll put investment where weaker than expected there was more Signs from the housing market as well with boat investment and new home sales and prices are all looking weaker and together all of that data force as you mentioned essential buying to lower its key interest rate that's the first ORDINAL time it has taken that step since January DATE Enough to turn the economy around but it does show you how concerned the authorities are now about where growth is heading and it seems to be the due to prong to hit from the real estate slump. They hit from COVID oh. It's clearly clearly putting a lot more pressure on China GPE 's economy than expected. So and it doesn't mean that policy makers will respond more forcefully. I think that's a big question now Francine PERSON in some ways you could argue to downside surprise in the data isn't that much of AA surprise really give has been happening in China GPE throughout the year Pivot they've been somewhat restrained so far you know they haven't come through rescue with all guns blazing for the property sector we know that eh and likewise they remain very committed to COVID oh all of the official And signals. How many authorities are that? They don't plan to diverge from that. So at some point there is going to have to be a pivot. Probably will be lesser with the central bank and it might be more so what they do around the COVID or what they do with a real estate sector. To enter the we talk about it possible alarming slowdown what does it mean for the global economy? Well, I think it does suggest that in past down turns France GPE , you know, China GPE 's economy has been there. Something of a cushion. It's coming to the rescue with its own stimulus and it's own demand. But this time around, they're really and truly China GPE is in a slump and continu Fall further. It isn't going to be there for pillar for all support for the economy right at the time of course. When inflation and interest rates are dragging on the global growth story. And if anything by the way itself From that global slowdown because there are signs that it's export boom. It's coming off the ball. So, I think taking it all together net net. Please, China GPE data story. Doesn't point you a very robust global outlook either. And thanks so much as always Bloomberg PERSON 's Chief North Asia LOC correspondent and the current so slowing economy in China GPE leads to a right cut from the PBOC how surprising was a cut while 20th ORDINAL economist pulled by Bloomberg PERSON at forecast the rate on the 1 year DATE medium ter Facility ORG would be left on change. So here was the reaction to the data from investors this morning TIME . The set of data are not exactly very pretty. Perform very strong. This morning TIME seems to be suggesting policy makers are concerned and they want to make a gesture 10 CARDINAL basis points that is almost like not a big deal right it's a small gesture but at least it shows that they care we're going to see continuous diverging performance across industries those policy tailwind sectors like infrastructure man Much strongly. To three% GPE growth in the Chinese NORP economy. Ping gets through the 20th ORDINAL party congress ORG . This October, November DATE , will there be a course correction on the economy or

See two CARDINAL to three% growth in the Chinese NORP economy. Who wants Xi Jinping PERSON gets through the 20th DATE party? Congress ORG . This October, November DATE , will there be a course correction on the economy or not? Well joining us now is the STD ORG flow bank chief investment officer SC when you look at some of the sharks that we're seeing from the Chinese NORP economy what's it mean for global investors? At the moment markets are really shrugging off all of the disappointing news and focusing on the fact that the US GPE seems to have finally started a period of disinflation that a number of different data points throughout the month of July DATE or for the month of July DATE have shown us that this is Probably we won't find out much more until the end of September DATE but at least there's this feeling that the worst of the inflation picture in the US GPE Over unless we discuss earlier you know talking about the Chinese NORP economic outlook if China GPE is slowing and isn't going to pick up very much then investors really need the US GPE to hold up So SC is there a concern though that the market is actually focused so much on the fact that we have pick inflation the US GPE that they're not pricing in the possible interest rate hikes to go get to that two% ORG target I don't I Became a little bit too consensus and the fat has been pushing back against that and we have to just keep in mind that the University of Michigan 5 to ORG 10 year inflation expectation Barely but didn't continue to fall Three% GPE I don't think you could call that an anchored but the Fed ORG is going to look at those medium to long term inflation expectations. Now whether we get another 75 CARDINAL basis point hike in September DATE we're just 50 CARDINAL is a question mark but beyond that I think what investors are feeling reassured about today is that the more aggressive part of the tightening cycle is probably behind us but it Mean that the red hikes are going to end for now. So but I see given what you're saying on inflation in the US GPE and what we're seeing in China GPE what's your take on Is there is there a dollar or a nimbica that you have? Well we've you know depending on the inflation numbers that we see in the next couple of weeks DATE we could have another move higher in yields especially if there's a feeling that growth holds up and that inflation probably isn't completely done surprising us it's The US GPE dollar weakening very much from here they're really is still that interest rate differential support there's that growth and earnings differential that's supportive as well and of course if we start to worry about growth Then some of those safe haven flows could come in but we've probably seen the bulk there and then for China GPE Probably something around range trading from where we are a little bit of commitment from the policy makers there to help but how much they'll go is is really the big question now. I see it's very clear that the concern in Indian NORP energy market what we're seeing was the Rhine River LOC just shows how tight that market is do you invest in some of the energy supplies and how does that match up with some of the of course ESG wrap around so we've been talking It's it's it's been a difficult question for investors and obviously the the lack of natural gas and the risk of shortages means that some of the dirtier fuels are back in fashion at least from an economic perspective for for growth right? It's still not very fashion For investors. We've had some energy companies since late last year DATE . So, really unrelated To to to the invasion of U Court ORG to the war in the Ukraine GPE we've taken a lot of profit there we think that now we're seeing prices come back down a little bit but they should probably stay above this 80 to 90 dollar MONEY per barrel level which means that energy companies Potential to to catch up to those oil prices before the situation so we still have some of those You have to keep in mind that some of these oil majors are also some of the biggest Energy investors as well so it's not always as black and white as we'd like

Hey Facebook you have to keep in mind that some of these oil majors are also some of the biggest Energy ORG , investors as well. So, it's not always as black and white as we'd like would like that answer to be. And certainly thanks so much. Talk a bit about earnings for early coming up black gold posts the biggest quarterly DATE profit of any listed company ever will have the details next plus we'll look at the role of nuclear and what role that will play in your synergy crisis we'll be joined by the chief executive officer of nuclear industry as That's a little bit later on but up next we're on the markets with If you have any questions to any of our guest please send them on to us on IB Plus TV ORG go this is Bloomberg PERSON . There is an epic saying in Italy GPE when it comes to family generations that the first ORDINAL generation creates the second ORDINAL generation expands and the third ORDINAL generation And that's almost what happened in the Gucci PRODUCT story. Now I would have been watching my experience about those who says I love you and dentistry. The Gucci PERSON family was the strength but also the weakness of the label. The situation became dire with Gucci PERSON 's finances. They were not able to pay salaries. They were not able to pay suppliers. Gucci PERSON 's really teetering on the brink at this stage. Our customers, vehicles, you know, that are their primary vehicles that are EVs and be able to do that. We need to have range and infrastructure and we need to remove the pain points and so that's what we're doing. Portfolio for generally speaking for most investors would would make sense because At some station one market will make a comeback. We need to give it some more time. There may be better ways to go than 60 40 but I think it's a base case. It still makes a lot of sense. Be close to final 10 CARDINAL . I actually think they're increasing it pretty dramatically at the moment as is they're looking for Going outside into other real assets, real estate, private equity, private credit, can can be a healthy addition to the portfolio and really help diversify your returns because 60 40 DATE as I mentioned has been a challenging portfolio construction expoure to have The debate there are over whether it's time to put the 60 40 DATE portfolio strategy to rest or not continues now those were some of the responses to our end live pulse survey question last week DATE let's continue now the markets conversation with the Investment officer I see I have a couple of questions of course on your biggest convictions but first ORDINAL of all the 60 40 DATE is a dead and does it ever come back? You know as as a lot of your other guests have said you can't Throw away decades DATE of valid benchmark on a couple of months DATE performance or not I think we're starting to see more and more that you need more than just equities and bonds in your pool.

Benchmark PERSON on a couple of months DATE performance or not. I think we're starting to see more and more that you need more than just equities and bonds in your portfolio, you need alternatives, you need commodities, you need to real estate, you need crypto, in some cases, there's a lot of other things really to kind of Fill the gap from some of these traditional asset classes but it does remain an interesting starting point for a lot of conversations within investors and it's often what they think about as a first ORDINAL step when they're building Portfolio. I see I know amongst your conviction calls you'll still have tech which is surprising to sound surprise not surprising At toddlers why do you still like to give in all the swings we see and that's face I think there are couple things to keep in mind. One, we like the tech sector, but I think you can be even more differentiated within that sector, because we have some clear companies that are almost safe havens. We have some that have really shown the sustainability of that earning And that's the main reason why we like tech. We think the time and time again those earnings continue to come in. They continue to grow and there's a confidence that investors can have in the future path over there. Again, more differentiation because not everyone is growing in the same way. But we're really started to see it ready from June DATE a little Performance in the tech sector and it does seem that it is leading the markets higher. Now, I'm not sure the straight line up. We've seen over the last 6 weeks DATE or so or 8 weeks DATE is going to continue. We'll probably get some periods of consolidation or another scare in the market. So, some point but it is starting to feel Like those june lows might hold and I do think tech is going to be part of the opt performance later into the year DATE . Were you surprised that a lot of the earnings and the the earning season actually overall helped much better than I expected and is Of lagging effect of what we're looking at. To some extent there is we have seen that there were couple data points there in the second quarter DATE in the US GPE that started to show some cracks in the economy and then it feels that the growth outlook is actually holding up better as well so earnings should be able to hold we've also And maybe a better ability than expected for a number of companies with pricing power and we saw that luxury segment really hold up those higher wage consumers continuing to spend we know that the savings rate has dipped somewhat and that we have to keep an eye on because There's changing spending patterns can continue Really speaking It was reassuring for markets but we have seen that companies Us GPE on the outside quarter after quarter DATE so we'll see if it continues but the underlying US GPE economy does feel strong and that suggests earnings should be able to hold up more than we feared. Do you expect this rotation into European NORP cyclicals I see to continue? It's a very tricky picture for Europe LOC and to be honest it's almost been surprising how well European NORP equities have performed given the situation with Russian NORP the Ukraine GPE given the energy situation the cost of energy electricity and food weighing on consumers Clearly a very different inflation picture for Europe LOC than the US GPE so if anything that difficult decision for the ECB and I don't think they're going to tighten quite as much as the market things they will. The growth picture is worrysome for Europe LOC . So how much earnings can hold up and how much confidence Investors are gonna continue to have encyclicals. I think that's a little bit less certain. Ashley thanks so much. Chief investment officer. Now let's get straight to the Bloomberg ORG . First ORDINAL word news. Here's Alice Atkins PERSON . Hi Alice. Morning Francine PERSON . Water levels are the keyway point on the Ryan River LOC are expected to study at Extremely low level this week DATE adding to Europe LOC 's energy crunch many barges can't transit pass them up at a point west of Frankfort LOC when the water level is below 40 cm QUANTITY according to government data it's already at about 35 cm QUANTITY and is set to drop to 30 cm QUANTITY today The UK GPE 's opposition labor party has proposed extending Oil ORG and gas companies to find a total freeze on energy bills over the winter DATE the plan to

UK GPE 's opposition labor party has proposed extending Britain GPE 's winfall tax on oil and gas companies to fund a total freeze on energy bills over the winter DATE the plan to be announced by leader Kier Starma PERSON later today TIME will put renewed pressure on the government to act and let's predict the typical annual household energy bill could top 4200 CARDINAL By January DATE . A US GPE congressional delegation landed in Taiwan GPE on Sunday DATE for a 2 day DATE visit they're set to meet with Taiwanese NORP president sailing and other lawmakers the trip Keeping tensions with China GPE high after health speaking Nancy Glossy's PERSON recent visit to the region. And salmon rushty is starting to recover 2 days DATE after being stabbed at a lecture in New York GPE . AP ORG has quoted his agent saying that author is now on the road to recovery. Rushty is her tab been removed Events later on Sunday DATE and is now able to talk. The author of this satanic verses suffered serious injuries on Friday DATE . After being stabbed in multiple times shortly after taking the stage Global news 20 browser day DATE on air and on Bloomberg PERSON quick take part by more than 2700 CARDINAL 120 countries this is Bloomberg Francine PERSON I was thinking so much else Atkins here in London GPE now coming up said your uncle post the biggest quarterly DATE profit of Any listed company ever or have the details next and this is Bloomberg Bloomberg PERSON brings you crucial data at terminal speed. People are going full risk on. Hey portal it's gonna take Boring inflation. Record setting temperatures deadly forest fires receding rivers in this episode of Bloomberg Green PERSON we're focusing on extreme weather we'll explore the science behind the recent heat wave More extreme than it is now. I'm afraid that's inevitable. The consequences of extreme weather there is overall low awareness that heat kills and until recently there's not been as much effort to try and educate people about the dangers of heat. And adapt. Government to lead on this and we need government to Regulate ORG and and Stop sending me something Bloomberg PERSON 's Global headquarters in New York GPE and don't miss this week DATE 's edition of Bloomberg Green PERSON airing this weekend DATE on Bloom TV ORG quick take ant online It's a really reminder isn't it just how sensitive the markets are to any commentary about trade we did see some pressure on the UN ORG we did see some pressure on the future that is now being reverse Welcome back everyone in September DATE market open and we are about 35 minutes TIME away from the start of cash I could use now this is a For European NORP futures we're actually holding strong some four CARDINAL times of eight% higher again if you look at what features are saying in the Europe LOC compared to what they're saying in the US GPE it's a different story the focus firmly on what we saw in China GPE as well not Asian NORP stocks did pair some games after we had that surprise move

Are saying in the Europe LOC convert what they're saying in the US GPE it's a different story the focus firmly on what we saw in China GPE as well not Asian NORP stocks did pair some games after we had that surprise move from China GPE unex Cutting rates. Now, I was looking at China GPE and Hong Kong GPE stocks. They were declining. The overall picture. We had a terrific briefing from our endocrine Is that China GPE 's outlook continues to darken and that's adding a lot further burden to already falter global economy. Now, Sadiq GPE has Biggest quarter they adjusted profit of any listed company ever driven by high crude prices and production. Meanwhile, a stock exchange filing shows that Saudi NORP Billionaire Prince Bloomberg PERSON 's Middle East Synergy Market LOC reporter Anthony DePalo PERSON joins us now thank you Anthony PERSON for joining us first I said your uncle did so so well is it just an automatically Translation to higher all price. Good morning TIME , Francine GPE . Yeah, clearly the oil price was a big factor here in in really juicing these earnings. They came in slightly above expectations that Positive for rent as well. One CARDINAL thing that we've seen also that that helped those was the downstream earnings that's been kind of a trend even from the last quarter DATE where downstream has been improving their results. This quarter DATE they increased their profit by something by 176% PERCENT . That's because of Quicker ORG increase in the price of fuels and that big demand for transport fuels as economies came out of the came out of the pandemic so that really did also help along with higher production and So I think what are they doing with all the sexual cash Yeah they're gonna be increasing investment so they are gonna be putting about 10 1 billion MONEY a quarter in into into investment this year DATE a lot of that is going to increase capacity To expand their production capacity from 12 1 million barrels QUANTITY to 13 1 million barrels QUANTITY by about 2027 they're gonna do that in increments so that's coming on in a lot of that is going into crude oil production they're also looking to know the things like hydrogen ammonia different fuels that will help in this transition away from oil however this saturated CEO of Minaster ORG does say they continue to see oil production excuse me oil demand group to continue to grow through the end of the decade DATE so that they expect to help to underpin continued growth racing So Anthony PERSON what else are investors looking for to to hear from management in terms of what they plan to do in the future? Yeah, there could always be questions about the dividend. They did maintain the dividends and they'll say they'll keep the same dividend for the next quarter DATE . So that that there are always gonna be questions about whether they could increase that especially with bumper profits like this. Far we haven't seen signs out of the the kingdom or out of the company that they do wanna increase that activity and they wanna stick with that which is already one CARDINAL of the world's biggest dividends dividend payouts anyway in terms of debt they they've kind of they're continuing to cut the debt but they've slowed the process there that's not such a priority anymore so we'll continue Where is the development on this capacity and the production and whether they are gonna be able to keep up that production at about 11 1 million barrels QUANTITY a day which is which is the Saddy Arabia limit under the Opec ORG plus a green Still in place Francine PERSON . Anthony PERSON , thanks so much. Terrific briefing there from our Bloomberg NORP Middle East Synergy Market reporter Anthony DePalla PERSON . Now, coming up, we preview some of the big earnings reports to do from Europe LOC this week DATE including the German NORP chemical giant tankle as price pressures are trying to or starting to have an impact. Also, that other story, the sad you billionaire prince I will invested more than 500 1 million dollars QUANTITY in Russian NORP firms in the days DATE where I'm Moscow GPE 's invasion of Ukraine GPE will have a full round up of that story As well this is Bloomberg PERSON .

Companies need to think about how they normalize And that means to recognize and appreciate and respect and celebrate all aspects of culture in different cultures And so it's critically important that we recognize that this is an issue just as my sisters have said you know and make sure that we recognize how that issue shows up in the workplace and how we can be advocates and allies in action to ensure that no person no black person in this country feels margin Or disrespected or diminished in any way because of their hair or their race. So the challenges is not everyone understands that race based hair discrimination is a reality and so we find ourselves constantly educating people including lawmakers to ensure that they understand that hair discrimination is Hair PERSON discrimination is outlawed nationwide. Welcome back to Bloomberg Markets Europe ORG everyone we're 30 minutes TIME from the cash equities open in here are your top stories surprise rate cuts China GPE unexpectedly lowers key barring costs as retail One 1 million dollars MONEY a day well that's the daily DATE profit of oil producer I'm good in the second quarter DATE the most ever by any listed company and investors look to this week DATE 's fed minutes FAC and speakers including Esther George PERSON and Neil Kaskari PERSON what cruise will they offer Next month DATE . Now, this is a picture of what the futures look like. We're seeing a bit of pressure on Europe LOC on US GPE futures but actually European NORP futures holding strong despite that surprise cut from PBOC 100 CARDINAL futures games some four CARDINAL tenths of eight%. The Kac 40 again some 510 CARDINAL so that percent and then the big folks Horses on China GPE 's outlook continuing to darken and that is adding further to the burdens of unalreaded faltering global economy. Now, let's get straight to the Bloomberg Business Flash ORG . Here's the Alzapkins. Hi, Alice ORG . Hi, Francine PERSON . How do you ramco has posted the biggest quarterly DATE profit of Any listed company anywhere. One 1 billion dollars MONEY in the second quarter DATE up from 25 and a half DATE one 1 billion a year earlier DATE . They can't believe it is using the Winfall PERSON to reduce debt and invest in a huge expansion of its production Continue growing for the rest of the decade DATE . Japan GPE 's economy recovered to its pre pandemic side in the second quarter DATE with growth picking up after COVID curves or relaxed. GDP grew it in analyzed pace of two CARDINAL . Two% below the economist median forecast of two CARDINAL . Six% GPE . Consumer spending which accounts

Consumer spending which accounts for more than half CARDINAL of Japan GPE 's economic output led the growth. They can talk it At the age of 59 was announced on Saturday DATE after a 5 year DATE battle with cancer. He's been credited with building Doych ORG banks investment banking business and turning the German NORP lender into a global trading powerhouse that's your Bloomberg GPE business flash franzine oh thank you so much and of course giving A lot of time to Bloomberg TV ORG for interviews in the past and he was one of the sharpest minds certainly that I had ever met. Now, let's take a look at also at the week ahead this Monday DATE is a deadline for hedge funds to disclose their US GPE equity investments Tomorrow DATE we'll get the latest job state out of the UK GPE an indication of how the economy is firing amid monetary tightening and a cost of living crisis then it's all about Europe LOC as we get the latest euros on P date on Wednesday DATE and the CPI print on Thursday DATE . Finally, on Friday DATE , the UK GPE summer strikes continues with a walkout for the London GPE underground. Now, it's also a big week DATE for earnings in Europe LOC with some of the continent Biggest companies due to file reports and what is an increasingly challenging economic environment that is putting pressure on prices from on all of this we're joined by Bloomberg ORG 's April DATE road to April DATE great to have you on the program today DATE so Living crisis impacting German NORP chemicals maker hand call Good morning TIME . Yes. So, hang on reported results this morning TIME that were slightly better than expected. The company also raised its organic revenue forecast for the full year DATE . It did have a say that it's earnings were impact By input cost headwinds and we've seen that ankle faces a bit of a dilemma and that it can either sacrifice its margins to boost volume or raise prices further which could potentially put longer term growth at risk. It's also a question of whether further price increases could be accepted by hankles, consumers, and given that cost of living crisis If management pushes prices too far Could possibly swap to cheaper brands. Yeah and this is what you know the main problem for a lot of these big companies and it depends I'm sure on what kind of sector and what kind of products you make so how is Carlsborough the beer maker expected to manage inflationary headwinds? Yes, that's right. So, Carlsberg GPE is the next big brewer schedule to report this week DATE . It last week DATE already raised. It's 4 year DATE forecast. And based on a strong business performance year The brew stride cited strong on trade recovery in its European NORP markets and also strong results in its Asian NORP markets as well and it said that these factors more than offset Rising commodity and energy cost pressures in the first half of the year DATE the bruising seems to be adapt into the cost of living crisis by planning to invest And it's mainstream alcoholic beverages. However, going into the second half of the year DATE , could be a bit more challenging for Carlsberg GPE as consumers face rising energy costs. April DATE corporate payment market to also becoming increasingly competitive. What can you tell us about idea? This is a Dutch NORP payment firm. Expected to fair with his results. I think on Friday DATE . Yes, that's correct. So, investigators are set to be piling back into text talks which Be good news for AJ Agin PERSON shares have been going up since June DATE after series of monthly DATE declines and the Dutch NORP payment firm as you said which handles transactions for companies like McDonald's and Uber ended Last year ORG on a very strong note during the coronavirus lockdowns there's more people were spending online that really helps add in gain its market share and analysts have said that it's strong presence in the US GPE and the roll out of new products builds well for Growth. April DATE , thank you so much. April Roach PERSON there with the very latest on some of these companies that are reporting or have reported this week DATE . Coming up is European NORP leaders continue efforts to lessen their reliance on Russian NORP gas when also look at what role nuclear power could play in filling the gap. That's coming up next and this is Bloomberg PERSON .

So what's the best investment advice you've ever been given by anybody? Compound interest. The compounding of returns is an incredible miracle of business finance and human existence Everything you learn is additive everyday and if you keep at it and don't quit It's an incredible miracle. And it's and it's not just interest. It was it was always said about compound interest returns. Compound business returns compound human returns They're all very adventive. Could you learn every day DATE ? And if you keep at it, it's very very Super helpful. In your observation of investors, what do you think is the biggest mistake that average investors make? Selling it the wrong time. And they sell when the prices go down. Yes. Or yes. Not keeping People have conviction or the invest for their if they invest for the right reasons that just keep at it. There's a guest storage itself is not sufficient. We all facing a crisis at the moment. It's been produced by the cut off of Russian NORP gas but it tells us yet again just how volatile and uncertain fossil fuel prices are. Yes prices will remain Very high and it also me resolved that some disruption. He gets sort of tens of hundreds CARDINAL of of bigger wipes of renewable energy before winter DATE . So it is a matter of saving energy. It's a matter of securing sources. To reduce to reduce consumption. The first ORDINAL step obviously is to become independent Russian NORP supplies which in the end can only be managed by additional imports mostly Ellen G. PERSON Here today DATE we've seen the the reduction in the gas consumption by about 10% PERCENT in the EU ORG . Further down the path to emissions reductions than it would otherwise be. What business leaders and regulators are discussing the energy crisis on Bloomberg PERSON that's now get straight to Hi Alice hi Francine China Central Bank has unexpectedly cut its key interest rates I didn't ramp up For an economy way down by COVID lockdowns. The need for additional stimulus was underscore by official data shortly afterwards which showed retail investment and indus Production numbers for July DATE all messed economist estimates Water levels are key way point on the Ryan PERSON weather are expected to steady at an extremely low level this week DATE add Europe LOC 's energy crunch. Many barges can't transit past the marker at the point western. When the water level is below 40 CARDINAL centimetres according to government data it's already add about Five cm QUANTITY and is set to drop to 30 cm QUANTITY today DATE . A US GPE congressional delegation landed in Taiwan GPE on Sunday DATE for a 2 day DATE visit. They're set to meet with Tyrene ORG 's president and other lawmakers. The trip risks keeping tensions with China GPE high after health speaking Nancy Pelosi's PERSON recent visit to the region. Is starting to recover 2 days DATE after being stabbed at a lecture in New York GPE . AP ORG has quoted his agent saying that author is now on the road to recovery. Rushty said Remove from event later on Sunday DATE and

AP ORG have quoted his agent saying that author is now on the road to recovery. Rush D said tap in remove from event later on Sunday DATE and it's now able to talk. The over of the satanic verses suffer Serious injuries on Friday DATE after being stabbed multiple times shortly after taking the stage Oil and gas companies to fund a total freeze on energy bills over the winter DATE the plan to be announced by leader Kier Starma PERSON later today TIME we'll put renewed pressure on the government to act and less predict the typical annual household energy bill could top 1200 CARDINAL lb by January DATE . Global news 25 a day DATE . Quick take part by more than 2700 CARDINAL . This is Bloomberg Francine PERSON . Oh, thanks so much Als Atkins ORG in London GPE . Now, let's get more on that story joining us now as Bloomberg PERSON 's Lizzy Burden PERSON . So, Lizzy PERSON , what can we actually expect? Opposition leader. Good morning TIME . First ORDINAL of all, give me McDougal PERSON 's Today DATE . Yeah. Responding to the criticism that there had been a policy vacuum. You've got lane duck prime minister Boris Johnson PERSON . He's not likely to be replaced until September DATE the fifth ORDINAL You even had the former Prime Minister Gordon Brown PERSON weighing in and telling us what he would do if he were in charge so finally Kiss Arm PERSON is setting out his plan to continue the windfall tax on energy companies and freeze energy bills Cos of course energy bills are what are pushing up inflation for consumers in Britain GPE and the Bank of England ORG now sees it rising not just into double digits but above 13% PERCENT in the fall DATE . So it heaps pressure on the two CARDINAL contenders to be prime mini To adopt this policy but the the windfall tax was originally a labor idea. The conservatives have already copied it once. So it's a very difficult one to copy again. But on the other hand a poll for the time is by you go of shows. It's very popular especially even with conservative voters. So yes Difficult to resist. Yeah, it's during the years DATE . Strike action continues also in the UK GPE . Yes, and it's not just the transport workers, it's also the barristers, even the doctors are threatening to strike. The British NORP medical association says that their pay in real terms has fallen 25% PERCENT over the past 13 years DATE . Now, we're going to get more data on It's set to show really that the the power still remains in the hands of the workers you've got a tight labor market inflation expected to climb 10% PERCENT . Er but Liz Trust PERSON says that it's the government's job to control Wages to Steve PERSON off stooking inflation but it's a hard argument to make when inflation is this high and remember the public sector doesn't have the same power to set prices so as big tanks are cute it's hard for them to contribute Wage price spiral yeah it certainly is our Lizzy PERSON Bird and there was a very latest on the UK GPE thanks so much now let's get back to our top story this morning TIME the PBOC has unexpectedly can't it's key interest rates to ramp up support for an economy way down by COVID lockdowns and a deepening property slump now for more let's bring back our Bloomberg NORP Chief Asia LOC correspondent and the current and What does this mean for future policy for PBOC? I think clearly France GPE and the economy is under much more pressure than was expected July DATE was meant to be the month DATE of recovery it is near the third quarter DATE I suppose to be all about pulling out of the slump hit during the second quarter DATE A big lockdowns were in Shanghai GPE and Swan GPE but the number today DATE show that's not quite the case retail sales Could unexpected industrial output we could only expected a spite of course exports holding up investment still week DATE it's pretty much been led by government spending rather than the private sector and of course keep that appointment housing market and the housing sector continue to show weakness that's why we had the response that we did from the PBOC they came along and they Since January DATE but it's important to know that though that that rate could in and of itself isn't really expected to be AA sort of game changer for China GPE 's economy the price of borrowing isn't Economy it's more about the demand for loans companies in the households don't want to borrow given the pressures that they that the economy is facing so there's clearly a lot of work for propolis makers still to do to turn this around

Yeah the man for loans companies in the households don't want to borrow given the pressures that the that the economy is facing so there's clearly a lot of work for for police makers still to do to turn this around So yeah are you expecting China GPE 's outlook to continue to darken and I think that's where we are at the moment frenzy and I mean as I say we were meant to be heading into a better second ORDINAL half CARDINAL for China GPE 's economy all of the narrative had been around how the worst of the lockdown so to speak we're over you would start to see a gradual recovery for consumption ex Holding up okay there certainly is plenty of policy for support going into the economy eh that was expected again traction two CARDINAL but I think when you look at these numbers they kind of suggest that that recovery is pretty much stolen out it doesn't go into reverse Think the bigger question also is what exactly is going to change from here when the authorities seem pretty committed to COVID oh all the official language and signals so far have been there determined to stand by that given the health dividend that willing to take a bit of a hit to the economy The property slump continues as it is. We're not seeing any kind of a massive bailout Say either what's going to pivot where will you turn come on the policy side of things politics will have a questions or a lot of economist are asking today DATE just what steps will you go and take now overcoming weeks DATE and months DATE ahead Yeah and then I guess that the other question of course what this means for the global economy Hey look at the very least Francine PERSON you have to say global growth is slowing down it's under a lot of pressure everywhere the IMS said we're cheating on the brink of a recession you know in past time turns you might say China GPE would be there to put a floor under demand given all Stimulus in giving all of its domestic driven a demand but that's clearly not going to be the case this time around. The world cannot rely on China GPE at the moment. It seems to be that the only buffer between the world, the global reception, and not at the moment is the US GPE jobs market because Start using going to be the pillar of support for global demand that it once was. Thank you so much as always our Bloomberg GPE Chief North Asia LOC correspondent and the current now coming up we'll look at your stocks to watch including SAS ORG priority from Apollo Global Management ORG has provided 100 1 million dollars MONEY in financing to the Scandinavian Airline ORG as it tries to regain it's financial health so that story's up next and this is Bloomberg PERSON . Economic policy symposium Discuss the economic issues and solutions that keep the world's money moving. Coverage starts August 25 DATE only on Bloomberg PERSON television and radio A digital first ORDINAL approach to the future work is where the industry and all companies will be heading. Immersive experiences that have a sense of active presence. One 1 trillion dollars MONEY market by the end of this decade DATE . And whether you know it or not you'll probably be working there in the future. We're moving into a world where we're gonna be interacting with computers with our bodies This is definitely trippy. I think the adoption curb is gonna be slow.

Working there in the future. We're moving into a world where we're gonna be interacting with computers with our bodies. Definitely trippy. It's weird. Thing right now. Oh, look at you. If you have no legs. Kind of a fun world and we're just at the very beginning of a very long journey Choose Bloomberg PERSON . It's a great question. Great question. I'm glad you asked that. Welcome back to Bloomberg Markets Europe ORG but 10 minutes TIME from the cash equities open the European NORP futures holding strong gain some four tenths CARDINAL of a percent again this is not like what we Asia LOC where we saw a lot of the stocks begins being paired after we had that a China GPE unexpectedly cutting rates and then if you'll get US GPE futures they're actually on the way down I think some three CARDINAL times of eight% overall the focus today DATE firm than what China GPE said the fact that the outlook continues to darken we have two CARDINAL data points that actually we need to look at and of course read across To some of the Chinese NORP tenure bond features. Again, that's gapping higher after we heard from PBOC. So, we look at further down the road, what that means for mortgages, what that means for the housing market, in China GPE . It's also take a look at some of Events coming up in the week DATE here in the UK GPE on Tuesday DATE we get jobs data and can to our grocery price figures which will give a sense of food inflation in the UK GPE . Trust and wish you soon. We'll also hold another hostings event in Scotland GPE . On Wednesday DATE , we get the closely watched CPI data for July DATE while soon I can trust head to Belfast GPE on Friday DATE we get consumer confidence and retail sales. Now, it's also take a look at the stocks to watch today DATE with our Laura Right PERSON , Laura PERSON , what do you have on the plate? Or starting with these Swedish NORP carrier essays. If they have secured 700 1 million dollars MONEY in financing from me private equity firm Apollo ORG . Importantly this is a A bridge financing associated with restructuring when a company has filed for chapter 11 LAW bankruptcy SES believe they will have quarter DATE approval for this financing by mid September DATE they originally filed the bankruptcy back in When wage talks between the airline and their pilots collapsed. But overall this is an airline that is really in trouble. It has a significant dat burden. It was all really lost making before the pandemic. And this year Share prices fallen by around 50% PERCENT . Laura PERSON , what about Henko PERSON ? Yeah, this is the German NORP chemicals make it. It was a beat on second quarter DATE revenue. The company raised that full year organic revenue guidance. Now, the key here is that the decreases in volumes were not as bad as fair and that tells us Hengel PERSON has been able to pass on higher prices to that customer so far for the first half of the year DATE the adhesive technology's business was standout that's industrial glues and Call ORG is really the global market leader. They also noted that their plans to withdraw from Russia GPE and Belarus GPE are on track to take place by the end of this year DATE . Laura PERSON I've been a lot of the folks of course on energy but you're also looking at minors today DATE . I'm looking at mine as following data from China GPE which shows us that the world's second ORDINAL largest economy is still struggling pointing to a slowdown. Home prices fell for an 11th straight month DATE . And some of these minors anglo American NORP BHP reoccinto Really essential in supplying raw materials that are necessary for the home construction sector iron or particularly which goes into making steel. Well, analysts over at JP Morgan's ORG say that right now in the world second ORDINAL largest economy No one is immune. Laura PERSON thanks so much Laura PERSON right there with some of the major stocks we're watching now let's get straight to the Bloomberg GPE business flash here's Alice Atkins PERSON hi Alice hi Francy Ramco has posted the biggest quarterly DATE profit of Listed company anywhere net income rose to $ 48 MONEY . 4 billion CARDINAL in the second quarter DATE up from 25 and a half DATE one 1 billion a year earlier DATE the company is using the Wimble to reduce debt and invest in a huge expansion of its production capacity see you in Nasa ORG as a company All.

Yeah, earlier. Is using the windfall to reduce debt and invest in a huge expansion of its production capacity. See you Arman Nathas PERSON as a company expects all demand to continue growing for the rest of the decade DATE . Economy recovered to its pre-pandemic size in the second quarter DATE with roof picking up after COVID curves were relaxed GDP grew it in analyzed piece of two CARDINAL . Two% below the economist median forecast of two CARDINAL . Six% consumer Which accounts for more than half CARDINAL of Japan GPE 's economic output led the growth And the UK GPE 's opposition labor party has proposed extending Britain GPE 's windfall tax on oil and gas companies to fund a total freeze on energy bills over the winter We'll put renewed pressure on the government to act and let's predict the typical annual household energy bill could top 4200 CARDINAL lb by January DATE . Tributes are pouring in from Wall St and beyond for Andrew Jane PERSON they can't talk it's Gerald PERSON president and former Deutsche Bank ORG co CEO Jane PERSON 's death at the age of 59 DATE was announced on Saturday DATE after a 5 year DATE battle with cancer He's been credited with building Dutch NORP banks investment banking business and turning the German NORP lender into a global trading powerhouse that's your Bloomberg GPE business flash francine oh it's thanks so much Alice Adkins PERSON there with a very latest of course on some of these important stories now this is the Treasure WORK_OF_ART is a couple of things that we need to keep an eye on. I know August DATE is a bit quieter than usual but the focus will be on Jackson Hall FAC that starts August 25 DATE . The dollar is actually extending gains against Is after we had that data in the China GPE actually signaling weakness in the economy the drop in the after one is among the biggest contribut That are now driving the Bloomberg PERSON dollar spot indexes first ORDINAL back to back advancing a month DATE so with the fears of recession both in the US GPE and Europe LOC I have to say a lot of the focus and we've been hitting the phones to try and get investors on the call on that the stagnant growth in China GPE also means that the global economy really locks driver to expand that would bode ill for Acids NORP and should support the dollar as a haven. So, we'll look at dollar. We have the Bloomberg GPE US GPE dollar 1263 DATE . Coming up. It's a market open. Of course, futures still pointing to higher start despite the pressure on US GPE futures. The other thing we're looking at, Valerie PERSON , did some great charts on this. Is it the Chinese 10 Bond future. Again, grappling with the PBOC did and then of course we will get energy levels because of the water levels on the river right this is Bloomberg PERSON . There is an epic saying in Italy GPE when it comes to family generations that the first ORDINAL generation creates the second ORDINAL generation expands and the third ORDINAL generation destroys And that's almost what happened in the Gucci PRODUCT story. Now experience about those who says I love you and then just read you. The Gucci PERSON family was the strength but also the weakness of the label. The situation became dire with Gucci PERSON 's finances. They were not able to pay salary.

Also the weakness of the label. The situation became dire with Gucci PERSON 's finances. They were not able to pay salaries. They were not able to pay suppliers. Gucci PERSON 's really teetering on the brink at this stage. Our customers, vehicles, That are their primary vehicles that are EVs and be able to do that. We need to have range and infrastructure and we need to remove the paint points and so that's what we're doing. Welcome to the European Market ORG open everyone I'm in to go until the start of cash I could eat trading in front here in London GPE and here are your top stories surprise at rate cost will China GPE unexpectedly lowers key borrowing costs as retail sales and industrial production is forecast like you want 532 1 million dollars MONEY a day that's a daily profit of oil producer said your uncle in the second quarter DATE the most ever by any listed company and investors look to this week DATE 's fed Speakers ORG including Esther Georgia PERSON what clues will they offer on whether the FMC ORG will go big with hikes next month DATE So, good morning TIME everyone. Let's take a look at the futures and actually we're seeing European NORP futures, holding Strong gaming between three tenths of a percent CARDINAL and also four CARDINAL tenths of eight% for the 100 CARDINAL futures. Now, this maybe Catherine PERSON due to compared to what we're seeing in the US GPE . We're seeing After that surprise interest rate cut from PBOC so it's very clear that actually investors are trying to So that disappointing data prince out of China GPE that surprise interest rate cut means that they're worried about something econom Filters ORG through and has an impact on global growth worldwide. Jackson Hall ORG probably the next catalyst for a lot of other stocks in the US Browns or Treasuries ORG that starts August DATE 20- If you'll get the footsy gaining some three tens percent PERCENT at the open similar games for the Ibex and the Cat 40 the most interesting bit as has been in the last couple of weeks DATE has commandees Iron or under If you look at natural gas pretty much unchanged but we continue looking of course at the Rine River LOC and global levels of that now the problem is that it also is less econom If you have a barge or some of the ships that need to go through Rine River LOC It really is less economically because you need to put less weight to pass on to much shorter water levels overall this is a picture for the US GPE 10 years DATE so we look at the global impact not only that PBOC has on everywhere else but what it happens on oil I don't know if we have Otherwise we'll move on to something else. But of course there you go. You can see S and B futures done two CARDINAL tenths of eight And it's really that crude oil that we're looking at at one% ORG lower. Now, China GPE 's economic recovery unexpectedly weekend in July DATE as fresh COVID outbreaks across the country wait on consumer business spending, cutting the growth outlook, and prompting the central bank to deliver a surprise interest rate cut. For more, let's bring in Bloomberg PERSON 's chief Asia LOC correspondent, he's And so and what's the main key takeaway from the data Weakness ORG across the board Francine PERSON . Weakness and retail sales. Weakness and industrial output. Weakness in investment and of course more signs of softening and all important real estate sector two CARDINAL . Remember the month of July was meant to be when China GPE 's economy started to turn around to gain some momentum Some of the big lockdowns earlier in the year DATE . That isn't playing out. We saw softness.

From some of the big lockdowns earlier in the year that isn't playing out we saw softness across the board and that's what forced the central bank this morning TIME to respond by cutting its key interest rate for the first ORDINAL Since January DATE they're not moving in of itself isn't expected to be a game changer for China GPE 's economy wanna interest rate cut alone won't be enough to turn things around giving what's happening with COVID oh and giving what's happening with the real estate But the move does speak to how concerned authorities are but the depths and breath of the slowdown in China GPE 's economy and and are certainly not wasting any time now to pull whatever they can to try and put a floor on their thing. So a pretty negative read on China GPE 's economy and it does suggest ongoing down Pressure heading into the second half of the year DATE . Yeah so I was gonna ask him what does it mean for what policy makers could do next we thought they were they weren't gonna do much from now on what does this cycle bring Well I think this is the big crash in the front scene exactly how will they respond until that event to respond with a kind of large scale stimulus that we might have seen in past down turns in China GPE we know one covered oh to language hasn't They are willing to take some economic pain in return of course for the public health dividend of keeping the virus under control under real estate sector they clearly aren't bailing out or offering kind of broad scale bailout that you might have seen in the west for some of Trouble the property developers for example. So the question is what will pivot? Where will you turn come? It's probably gonna be less for focus or less for story but it's central bank and more and what will happen under government spending side of things local, local governments for example have already Spend more money on infrastructure projects so I think more of a story about fiscal than monetary going forward. So Anda PERSON what does this mean for the global economy I think it has to be a negative front scene. Again, in past downturns, you could have relied on China GPE . There'd be something of a cushion for global growth given its past record with putting stimulus into the economy and of course, it's own homegrown demand. That's not Or not is basically the US GPE jobs market because China GPE is offering the pillar of support that it has done in previous downturns. And I think too much are Bloomberg NORP Chief North Asia LOC correspondent in the current now it's getting to the key market drivers with Wayley Black Rock PERSON Global Chief investment officer way as always thank you so much for joining us I have one 1 million CARDINAL questions on something for conviction calls we'll look at valu Will it start with China GPE ? How worrisome is this for the global economy While there are few headwinds facing China GPE this year DATE the COVID policy and also exports decreasing as well so thinking about global economies shifting from goods through services Would decrease the amount for export from China GPE so we're actually expecting at both from China GPE growing this year DATE and previous year DATE at meet teams decreasing to single no single digits next 2 years DATE so all of that kind of had wins is also why we're seeing policy makers wanting to come out and We're not having a rosy expectation a full growth this year DATE . Yeah, this was unexpect Right? I I mean I think we spoke to like 30, 40 CARDINAL economists. I know and predicted that we get this from PBOC. Are are we going to see a much more active PBS ORG Policy makers in general. Well, it's not just a PBS ORG . Also the fiscal fiscal side of things but the reality is it's gone other days where we have excessive kind of easing leading to very unproductive projects. I think policy makers even got so Which is why our expectation for growth this year DATE is with a three CARDINAL handle next year DATE with a five CARDINAL handle and in terms of Average growth for the next 2 years DATE or so. We're talking about Seven% average growth and if we have very strict policy on the COVID front then this year DATE growth will be lower but because it's a restart the next year DATE could be higher. Where we have a great chart actually looking at at you are sorry Chinese NORP bonds. We don't often So I always keep on saying the treasure. I have to wake up. It's a Monday DATE morning TIME . I need a double espresso. Look at that. This is a Chinese NORP bun. You can see that rally. Wait, do you Into any Chinese NORP assets right now. While currently we're staying close to benchmark when it comes to China GPE . Allocation where neutral and China GPE accordance.

You Into any Chinese NORP assets right now. While currently we're staying close to benchmark when it comes to China GPE . Allocation where neutral and China GPE equities were neutral. China GPE bones. The benefits of holding especially China GPE Portfolio as we can see is that when the rest of the world are hiking rates PVOC is cutting rates so there is a bit of a that versification benefit but the income potential that you'll pick up is erode as given how interest rates have developed Far ORG this year DATE . Wait, I know we've been talking about the 60 CARDINAL , 40 CARDINAL portfolio, but what will be the the biggest shift actually for markets in the next 6 months DATE ? Well I think the focus really is around Central Bank Central Policy ORG response and also inflation dynamics so so far we have seen 60 40 CARDINAL tip or 60 40 CARDINAL portfolios deeping earlier in the year DATE and rebounding In recent in recent weeks DATE we believe that this is a pair market rally we wouldn't want to chase that because we believe any pricing for Dobish NORP pivot from Central Banks ORG is a bit too premature at this point so where's the entry point The entry point while we want to see a proper acknowledgement from Central Banks ORG especially the fed ORG about the very tough trade off between growth and inflation as they make policy decisions at this point and we also want to see them choosing to leave with inflation. If they So we want to see acknowledgement and also choosing to live with inflation so Have only seen BLE doing that. So on Tuesday DATE do that we do not cease sustained overage pivot and that's why we Residents to get back into the market. Alright, well, thanks so much. We'll either a black rock global chief investment strategist stays with us. We'll also talk about earnings and some of the outlier calls out there. Coming This is Bloomberg PERSON . Record setting temperatures deadly forest fires receding rivers in this episode of Bloomberg Green PERSON we're focusing on extreme weather we'll explore the science behind the recent Wait ORG . More extreme than it is now. I'm afraid that's an inevitable. The consequences of extreme weather there is overall low awareness that heat kills and until recently there's not been as much effort to try in educate people about the dangers of heat. Mitigate and adapt. Government Stimulate And and Upsetting GPE . Headquarters in New York GPE and don't miss this week DATE 's edition of Bloomberg Green PERSON airing this On Bloomberg TV ORG quick take ant online

What welcome back to the open everyone 11 minutes TIME into the European NORP trading day and you can see European NORP stocks actually holding Three CARDINAL tenths of eight% higher overall despite that surprise from PBSE ORG and China GPE . Now it's a big earnings week DATE for Europe LOC with some of the biggest or the confidence, biggest companies due to file reports in what is an increasingly challenging economic environment that is putting pressure on prices. For more, we're joined by Bloomberg ORG 's April DATE road to April DATE . Thank you again for joining us. So, how's the cost Crisis impacting the driven chemicals make ankle for example can we expect price increases Good morning TIME . Yes. So Hanko GPE reported slightly better than expected results this morning TIME . The company was also able to raise its organic revenue forecast for the full year DATE . It did however say that it's earnings were impacted by input cost headwinds And we've seen the ankle faces quite a bit of a dilemma and that it could sacrifice this margins to boost volume or could raise prices further which could potentially put longer term growth at risk. It's also a question of whether consumers will be willing to accept higher prices You know if management pisses prices too far then consumers could possibly swap to cheaper brands. So April DATE when you're looking for example at beer makers including Carlsberg GPE how are they expected to manage inflationary headwinds? Yes it calls back is the next big brewer schedule to report this week DATE last week Carsburg GPE raised its 4 year DATE outlook based on a strong business performance Recovery in European NORP markets and strong results in many Asian NORP markets as well. So be really interested to see how the the It's first half year DATE results given rising commodity and energy cost pressures going into the second half of the year could be more challenging for Carlsberg GPE as consumers faced rising Energy costs. April DATE so corporate payments markets also becoming increasingly competitive. We have the Dutch NORP payment firm Coming up with reports on Friday DATE what can we expect from them? Yes, sir. Investors are set to be piling back in to text stocks which could be good news for add yen. The Dutch NORP payment firm which handles transactions for companies like Uber ORG , a McDonald's ORG , ended last year DATE on a really strong note. Coronavirus lockdowns when more people were spending That really helped adding gain it's market share and investors endless so I have also noted how ad in strong US GPE presidents and its reputation there and the roll out of new products Still both well for positive growth. Thanks so much our April Roach PERSON there was a very latest on some of these earnings now Congress ORG pulled by Bloomberg PERSON say the risk of a euro area recession has reached the highest levels November 2020 DATE . Still with us. Wait, first ORDINAL of all, why don't we go back to maybe some of the earnings? And whether Such a lagging effect from when we have the earnings to what it tells about the future economy. Do you worry that the next quarter DATE is a crunch Or a lot of companies. I think next quarter DATE could be worse than what we have seen so far this quarter DATE . This past quarter DATE actually on the surface of things earnings are holding up as a big better And also if you strip out energy and financials actually earnings growth are close to flat right so there's some all performing sectors versus the broader markets not doing as well so Expect the a recession forecast for Euro area in particular translating into very little earnings growth that currently is not being forecasted. So does that mean Your portfolio way? Does it does it give us an you know an indication of what the economy could do in the future again? Is it too backward looking? Well, some of the only figures obviously they're back looking but their guidance are

You know an indication of what the economy could do in the future again is it too backward looking Well some of the owning figures obviously they are back looking but their guidance around kind of how well they can pass how much they can pass through the Course to and consumers their forecast around margins can give you a bit of a indication about future and our expectation is that margins would come under pressure with a rising production course with rising labor course and currently Companies are able to pass some of that rising production cost through to our consumers because for how long the eggs are that's the problem that's We're in a scarcity type of environment so they can do that now but we can't expect them to be able to do that The water levels of the rain. Everyone suddenly inexperient all of that. You know, they're not really basis and you really illustrates how tight these global gas markets are. Yeah, energy crisis is facing Europe LOC in particular but actually the Glowboy NORP economy as we had into a winter and we're looking at the very surreal Fact of energy rationing facing Europe LOC right and this is why we have the expectation that we're going to had into a recession in Europe LOC this side of what this year DATE and then potentially growth stolen next year DATE in the US GPE . This is not price in the markets. In terms of equities, no, in terms of equities, Appropriately It is pricey in a mild version of growth slowing down which is why as we think about portfolio construction we prefer an app in quality adjustment to portfolios we prefer credit over accordance because the different degree to which they are pricing in the growth slowdown so it do make a difference between European NORP equities to USA GPE goodies and in all of this I mean do you need To Margie Mark is actually to find value. Well, currently we have a minus one allocation to European NORP and US GPE acquires on a scale of minus three CARDINAL to plus three. So, modestly underweight because we're waiting for that doveish It on the sustained basis. There's not coming through and also earnings are a way to positive. We're broadly preferring credits over our equities and even including emerging market as well. We prefer emerging market that over emerging market equities. Thank Global chief investment strategist joining us this morning TIME with everything about of course China GPE , the US GPE earnings, and energy. Now, let's get straight to the Bloomberg GPE business flash. Here's Laura PERSON , right? Hi, Laura PERSON . Hi, Francine GPE , Saudi NORP , Ronco PERSON , has posted the biggest quality profit of any listed company, anywhere. Net Rose to $ 48 MONEY . 4 billion CARDINAL in the second quarter DATE up from 25 and a half DATE one 1 billion a year earlier DATE the company is using the windfall to reduce debt and invest in a huge expansion of its production capacity see you I'm in Nasa ORG says the company expects oil demand to continue growing for the rest of the Japan GPE is economy recovered to its pre-pandemic size in the second quarter DATE with growth picking up after COVID cubs were relaxed GDP grew at an annualized pace of two CARDINAL . Two% below the economists medium forecast of two CARDINAL . Six CARDINAL Consumer spending which accounts for more than half CARDINAL of Japan GPE 's economic output leads the growth. Tributes GPE are pouring in from Wall St and beyond for Anshu Jane PERSON at the cantalfits Gerald ORG president and former Deutsche Bank ORG co CEO Beth was at the age of 59 and it was announced on Saturday DATE after a 5 year DATE battle with cancer. He's been credited with building deutsher banks, investment banking business, and turning the Global trading powerhouse. Laura PERSON , thanks so much. Laura PERSON , right in London GPE . Now, coming up the UK GPE 's opposition labor party proposes an energy price cap freeze. There's a country faces its worst Of living a crisis in decades DATE . We'll have plenty more on that story next and this is Bloomberg PERSON . Economic policy symposium